Law Firm Investigates Shareholder Claims Against Cytokinetics

Cytokinetics, Inc. is under scrutiny as the Grabar Law Office initiates an investigation into potential breaches of fiduciary duty by its officers and directors. This inquiry specifically targets individuals involved with the company prior to December 27, 2023. Shareholders who still hold their shares are encouraged to explore options for corporate reforms and potential restitution at no cost.

The legal action arises from a recent federal securities fraud class action complaint. Allegations include that Cytokinetics made materially false and misleading statements regarding its New Drug Application (NDA) for aficamten. Notably, on March 10, 2025, the company announced that the U.S. Food and Drug Administration (FDA) would not convene an advisory committee to review the NDA. Subsequently, on May 1, 2025, the FDA extended the action date for the NDA from September 26, 2025, to December 26, 2025, due to a Risk Evaluation and Mitigation Strategy (REMS) that was not included in the initial filing.

On May 6, 2025, Chief Executive Officer Robert I. Blum acknowledged that despite multiple pre-NDA meetings with the FDA, the company opted to submit the NDA without the necessary REMS. These disclosures have reportedly caused substantial harm to both the company and its shareholders.

Implications for Fortrea and Ibotta Shareholders

In addition to Cytokinetics, Grabar Law Office is also investigating claims concerning Fortrea Holdings, Inc.. Similar allegations of fiduciary breaches are directed at its officers and directors. Shareholders who purchased shares prior to July 3, 2023, are also encouraged to voice their concerns, as they may seek corporate reforms and financial restitution at no cost.

According to allegations laid out in a federal securities fraud class action complaint, executives at Fortrea made false statements regarding the company’s business operations. Claims specify that Fortrea overestimated revenue from certain projects and overstated potential cost savings. As a result, the company’s EBITDA targets for 2025 were allegedly inflated, misleading investors about the viability of its business model.

Stride and Ibotta Investigations

The investigations extend to Ibotta, Inc. and Stride, Inc., with Grabar Law Office looking into potential fiduciary duty breaches by their leadership. Shareholders of Ibotta who acquired shares around the company’s April 18, 2024, IPO may also have grounds for action. Allegations suggest that Ibotta failed to disclose the risks associated with its contract with The Kroger Co., which was at-will and could be terminated without warning.

Similarly, Stride is facing accusations of misleading shareholders about enrollment numbers and compliance with regulations. Specific claims include retaining “ghost students” to inflate figures, as well as issues related to staffing and special education services.

Individuals impacted by these developments are encouraged to reach out to Grabar Law Office via the provided contact details for each investigation. By doing so, they can learn more about their rights and potential paths for restitution.

As these investigations unfold, shareholders of all four companies are advised to stay informed and consider their options regarding participation in any legal actions that may arise.