Hagens Berman Reminds Investors in Keryx Biopharmaceuticals, Inc. (NASDAQ: KERX) of October 3, 2016 Lead Plaintiff Deadline in Securities Class Action

SAN FRANCISCO, Aug. 18, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP reminds investors in Keryx Biopharmaceuticals, Inc. KERX to a pending securities class action filed in the United States District Court for the Southern District of New York and the October 3, 2016 lead plaintiff deadline.

If you purchased or otherwise acquired securities of Keryx Biopharmaceuticals, Inc. between February 25, 2016 and July 30, 2016 and suffered over $75,000 in losses contact Hagens Berman Sobol Shapiro LLP.  For more information visit:

https://www.hbsslaw.com/cases/KERX

or contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing KERX@hbsslaw.com.

The litigation concerns Defendants' abrupt withdrawal of financial guidance dependent on Keryx's sales of Auryxia because of previously undisclosed difficulties in production yields.

On February 25 2016, Defendants stated:  "Keryx expects full year 2016 Auryxia net U.S. product sales to be in the range of $31 to $34 million.  The company expects sales to ramp throughout the year, as it realizes the full impact of its expanded sales force." 

During the April 28, 2016 earnings conference call, CEO Greg Madison stated, "We are pleased to report that the fundamental of Auryxia continue to remain strong across physicians, payers and patients….[w]ith these fundamentals in place, along with the efforts of our expanded sales force ramping over the course in 2016, we are confident in our ability to achieve our net sales guidance."

Then, on August 1, 2016, Defendants withdrew the guidance and disclosed an imminent interruption in the supply of Auryxia tablets due to production-related issues.  During the earnings conference call, Madison acknowledged "[i]n the past few months, we began experiencing difficulties converting active pharmaceutical ingredients or API, to finished drug product which resulted in variable yields, as compared to our historical rate."  In response, Keryx's share price fell nearly 36% to $4.72 per share.

"The acknowledgement that Keryx had been suffering difficulties in yields over the past few months is inconsistent with the optimistic guidance given at the end of April," said Hagens Berman partner Reed Kathrein. "At a minimum, these difficulties, and their need to manage supply levels should have been disclosed."

Whistleblowers: Persons with non-public information regarding Keryx Biopharmaceuticals, Inc. should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email KERX@hbsslaw.com.

About Hagens Berman
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