The litigation, captioned Cheatham v. Regeneron Pharmaceuticals, Inc., accuses the company and its top executives of violating the Securities Exchange Act of 1934. The complaint alleges that the firm misled investors regarding the Phase III Fianlimab-Libtayo study, specifically by downplaying risks to the trial’s primary endpoint and obscuring flaws in its preliminary statistical assumptions.
According to the lawsuit, these omissions culminated in significant stock volatility. On April 29, 2026, the company disclosed modifications to the study’s progression-free survival analysis, triggering a 6% decline in share price. A further drop of nearly 10% occurred on May 15, 2026, after the company announced that the trial had failed to reach statistical significance. Robbins Geller Rudman & Dowd LLP, the firm representing the class, notes that while the lead plaintiff role requires demonstrating the greatest financial interest, participation in potential recoveries is not contingent upon serving in this lead capacity.
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