New Probes Target Ultragenyx and Mister Car Wash
Securities law firm Kessler Topaz Meltzer & Check has launched new actions against two public companies. The firm filed a securities fraud class-action lawsuit against Ultragenyx Pharmaceutical (RARE) and is investigating a proposed take-private transaction of Mister Car Wash (MCW).
The class-action lawsuit against Ultragenyx alleges the company made misleadingly positive statements about its drug setrusumab, intended to treat Osteogenesis Imperfecta, a rare genetic brittle-bone disease. The complaint centers on the Orbit and Cosmic Phase 3 trials, asserting the company concealed that the drug did not significantly reduce clinical fracture rates compared to control groups. Investors who purchased stock between August 3, 2023, and December 26, 2025, are included in the class period. Following the disclosure that the studies failed to meet their primary goals, Ultragenyx's stock price fell over 42%, dropping from $34.19 to $19.72 per share on December 29, 2025. The deadline for an investor to seek lead plaintiff status in the case is April 6, 2026. The investigation into Mister Car Wash focuses on its proposed take-private deal with its controlling stockholder, Leonard Green & Partners (LGP). Announced on February 18, 2026, the agreement would have LGP acquire all remaining shares for $7.00 each in cash. This price represents a nearly 20% discount from the company's 52-week high. The core of the investigation is a potential breach of fiduciary duty to minority shareholders, as LGP already owns 67% of the stock and has sufficient voting power to approve the transaction without the consent of other investors. This structure raises concerns about the fairness of the price and process for public stockholders.
