Ultragenyx Pharmaceutical (RARE) Shareholder Alert: Investors Reminded of April 6, 2026 Class Action Deadline

NEW YORK — A growing securities class action lawsuit involving Ultragenyx Pharmaceutical Inc. (NASDAQ: RARE) has drawn significant attention from investors and legal experts after a prominent law firm reminded shareholders of an important upcoming deadline. The law firm Faruqi & Faruqi, LLP, a nationally recognized securities litigation firm, is urging investors who experienced significant losses to take action before the April 6, 2026 deadline to seek appointment as lead plaintiff in the federal securities class action case.

The lawsuit alleges that Ultragenyx and certain executives misled investors regarding the potential success of one of the company's major clinical trials. As a result, investors may have suffered substantial financial losses when the truth about the trial outcomes became public and the company’s stock price fell sharply.

Investors Encouraged to Evaluate Legal Rights Before Deadline

According to Faruqi & Faruqi, LLP, investors who purchased or acquired Ultragenyx securities between August 3, 2023 and December 26, 2025 may be eligible to participate in the class action lawsuit. The law firm emphasizes that investors who suffered losses exceeding $100,000 should strongly consider contacting legal counsel to discuss their rights and possible recovery options.

The deadline of April 6, 2026 represents the final opportunity for eligible investors to request the role of lead plaintiff. This role is typically assigned to the investor with the largest financial interest in the case who is willing to represent other affected shareholders during the litigation process.

Importantly, investors do not need to become lead plaintiffs to benefit from any potential settlement or judgment. However, those who wish to influence the direction of the case and represent other investors must file the necessary motion with the court before the deadline.

Background of the Ultragenyx Pharmaceutical Securities Lawsuit

Ultragenyx Pharmaceutical Inc. is a biotechnology company headquartered in Novato, California. The company specializes in developing treatments for rare and ultra-rare genetic diseases. Over the past decade, Ultragenyx has gained recognition for its innovative drug development programs targeting conditions that often lack effective treatments.

However, the lawsuit claims that during the defined class period, Ultragenyx executives made false or misleading statements regarding the potential effectiveness of the company’s experimental drug setrusumab. This therapy was being evaluated in late-stage clinical trials as a treatment for Osteogenesis Imperfecta (OI), a rare genetic disorder characterized by fragile bones.

Investors were allegedly given the impression that the company possessed reliable and promising data suggesting the therapy would successfully meet key clinical endpoints.

Clinical Trial Concerns at the Center of the Allegations

The core of the lawsuit revolves around the company’s Phase III ORBIT clinical study and related development programs. According to the complaint, Ultragenyx created an overly optimistic outlook about the drug’s ability to significantly reduce annualized fracture rates (AFR) in patients with Osteogenesis Imperfecta.

The lawsuit claims that executives minimized the risks associated with the study and gave investors the impression that the trial had a high likelihood of achieving statistically significant results.

However, plaintiffs allege that the company’s expectations were based heavily on earlier Phase II study results that lacked a placebo control group. Without such a comparison, the earlier data may have been influenced by external factors such as improved medical care or the placebo effect rather than the drug’s actual therapeutic impact.

According to the complaint, the company failed to adequately disclose these limitations to investors.

Disappointing Trial Results Trigger Stock Price Collapse

The situation escalated when Ultragenyx publicly announced disappointing results from its Phase III clinical trials.

On December 26, 2025, the company disclosed that the ORBIT and COSMIC Phase III studies for setrusumab had failed to achieve statistically significant reductions in fracture rates compared with control treatments.

The announcement shocked investors who had been expecting positive clinical outcomes. Following the news, Ultragenyx shares experienced a dramatic decline in value.

Within just a few days, the company’s stock price dropped from approximately $34.19 per share to around $19.72, representing a decline of more than 42%.

This steep drop erased billions of dollars in market capitalization and led to widespread investor losses.

Allegations of Misleading Statements and Omitted Risks

The securities class action complaint argues that investors were harmed because Ultragenyx executives allegedly made statements that were materially misleading.

Specifically, the lawsuit claims that the company:

• Created the impression that reliable and favorable clinical data supported the drug’s effectiveness.
• Downplayed the risk that the Phase III ORBIT study might fail to achieve its endpoints.
• Failed to disclose that earlier clinical trial results lacked a placebo control group.
• Provided overly optimistic projections about interim analysis results.
• Did not adequately warn investors about the limitations of earlier study data.

As a result, the lawsuit asserts that Ultragenyx stock traded at artificially inflated prices during the class period.

When the true risks became known, investors allegedly suffered significant financial harm.

Role of the Lead Plaintiff in Securities Litigation

In federal securities class action lawsuits, the court appoints a lead plaintiff to represent the interests of all investors who were affected by the alleged misconduct.

The lead plaintiff works with attorneys to guide the litigation strategy, review filings, and help ensure that the case proceeds in the best interests of the entire investor class.

Generally, the lead plaintiff is the shareholder or group of shareholders with the largest documented financial losses. However, courts also consider whether the individual is capable of adequately representing the interests of other investors.

Any member of the investor class may apply to become lead plaintiff by filing a motion with the court before the April 6, 2026 deadline.

Faruqi & Faruqi LLP: A Leading Securities Litigation Firm

The law firm behind the announcement, Faruqi & Faruqi, LLP, is a nationally recognized firm specializing in complex securities litigation and shareholder rights cases.

Founded in 1995, the firm has recovered hundreds of millions of dollars for investors through settlements and court verdicts. It operates offices in several major U.S. cities including:

• New York
• Pennsylvania
• California
• Georgia

The firm’s securities litigation team has extensive experience pursuing cases involving alleged corporate misconduct, accounting fraud, and misleading statements affecting publicly traded companies.

Partner James “Josh” Wilson, who is actively involved in the Ultragenyx investigation, is encouraging investors with substantial losses to contact the firm directly.

Other Law Firms Also Investigating Ultragenyx

The Faruqi & Faruqi investigation is not the only legal action involving Ultragenyx. Several other shareholder rights law firms have announced investigations or filed similar lawsuits related to the same allegations.

These investigations are focused on determining whether Ultragenyx executives violated federal securities laws by providing incomplete or misleading information about the company’s clinical trial programs.

The presence of multiple investigations highlights the seriousness of the situation and suggests that the litigation could become one of the more significant biotechnology securities cases in recent years.

Impact on Biotech Investors and Clinical Trial Transparency

The Ultragenyx case also highlights broader concerns within the biotechnology industry regarding transparency in clinical trial reporting.

Biotech companies often rely heavily on clinical trial data to attract investor funding. As a result, expectations surrounding drug development programs can significantly influence stock prices.

When trial results fail to meet expectations, companies may experience dramatic stock price declines. This volatility makes accurate and transparent disclosure particularly important for investors making financial decisions.

Legal experts say the outcome of the Ultragenyx litigation could reinforce the importance of clear communication about clinical trial risks and limitations.

What Investors Should Do Next

Investors who purchased Ultragenyx shares during the class period should consider taking several steps:

• Review their investment records and determine whether they incurred losses.
• Consult with securities litigation attorneys regarding potential participation.
• Decide whether to apply for lead plaintiff status before the deadline.
• Monitor updates regarding the progress of the case.

Participation in the lawsuit does not require any upfront payment in most cases, as many securities litigation firms operate on a contingency fee basis.

Possible Outcomes of the Class Action Lawsuit

While the litigation is still in its early stages, securities class action cases generally result in one of several outcomes:

• Settlement between the company and investors
• Dismissal of the claims by the court
• Trial and potential damages award

If the lawsuit is successful or settles favorably, eligible investors may receive compensation for a portion of their losses.

Looking Ahead: Legal Proceedings Continue

The next major milestone in the Ultragenyx securities litigation is the April 6, 2026 deadline for investors seeking appointment as lead plaintiff.

After that date, the court will review submitted motions and appoint the lead plaintiff and legal counsel responsible for representing the investor class.

The litigation process could take several months or even years to resolve, depending on court proceedings, motions, and potential settlement negotiations.

For now, affected investors are being urged to remain informed and evaluate their legal options before the deadline passes.

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