The legal action, spearheaded by Hagens Berman, targets investors who purchased common stock between January 14, 2025, and April 26, 2026. Plaintiffs allege that Erasca misled the market by improperly comparing its ERAS-0015 molecular glue to a competitor’s therapy, RMC-6236, while simultaneously making unsubstantiated claims regarding the strength of its intellectual property portfolio.

The situation intensified on April 27, 2026, when the company admitted to receiving a legal challenge from Revolution Medicines regarding trade secret misappropriation. On the same day, Erasca disclosed that a patient had died following treatment with the investigational drug. The subsequent market sell-off wiped out $2.8 billion in company valuation. Reed Kathrein, a partner at Hagens Berman, stated the firm is investigating whether Erasca intentionally misrepresented the drug's safety profile and the competitive viability of its technology.