Ultragenyx Pharmaceutical Investors Face April 6 Deadline in Securities Fraud Lawsuit

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A securities fraud class action lawsuit has been filed against Ultragenyx Pharmaceutical Inc. (NASDAQ: RARE) on behalf of investors who purchased or acquired Ultragenyx common stock between August 3, 2023, and December 26, 2025. Investors have until April 6, 2026, to file for lead plaintiff status in the lawsuit, which alleges the company made material misstatements and/or omissions concerning its drug setrusumab.

Why it matters

This lawsuit highlights the potential risks and consequences for pharmaceutical companies accused of making misleading statements to investors about the development and performance of their drug candidates. The outcome of this case could have significant financial implications for Ultragenyx and set precedents for how drug companies communicate clinical trial data and progress to the investing public.

The details

The lawsuit, filed in the United States District Court for the Northern District of California, alleges that Ultragenyx created a false impression that it possessed reliable information about the effects of setrusumab on patients with Osteogenesis Imperfecta, while minimizing the risk that patients in the Phase III Orbit study would fail to achieve a statistically significant reduction in annualized fracture rate. The complaint claims Ultragenyx's optimism about the Orbit study results was misplaced because it failed to convey the risk associated with basing interim analysis benchmarks on uncontrolled Phase II results.

• The class period is from August 3, 2023, through December 26, 2025.
• The deadline for investors to file for lead plaintiff status is April 6, 2026.

What’s next

The judge in the case will decide on April 6, 2026, whether to allow investors to proceed as a class in the securities fraud lawsuit against Ultragenyx.