Pomerantz Law Firm Investigates Foghorn Therapeutics Following Clinical Program Termination and Workforce Reduction
Pomerantz LLP has launched an investigation into Foghorn Therapeutics Inc. (NASDAQ: FHTX) regarding potential securities fraud or unlawful business practices. The probe follows a significant company announcement on October 1, 2026, detailing the termination of clinical development for the FHD-909 program and the Selective SMARCA2 degrader program in collaboration with Eli Lilly. In response to these setbacks, Foghorn announced it will reduce its workforce by approximately 40% to preserve cash. The company aims to redirect resources toward its proprietary portfolio, stating that current funding is expected to last into the second half of 2029. Following the news, FHTX shares plummeted over 30%, closing at $2.02 per share.
Tickers: $LLY
Topics: class action investigation clinical trial failure layoffs securities fraud stock price drop