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Upcoming Lead Plaintiff Deadline is October 3, 2016
NEW YORK, NY / ACCESSWIRE / August 11, 2016 / WolfHaldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in United States District Court for the Southern District of New York on behalf of purchasers of Keryx Biopharmaceuticals, Inc. ("Keryx" or the "Company") (NASDAQ: KERX) between March 2, 2016 and July 29, 2016, inclusive (the "Class Period").
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Shareholders who have purchased Keryx Biopharmaceuticals, Inc. securities and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. Youmay also review the filed complaint and obtain additional informationconcerning the action on our website, www.whafh.com.
If you purchased shares of Keryx Biopharmaceuticals, Inc. and suffered a loss, you may request that the Court appoint you lead plaintiff of the proposed class no later than October 3, 2016.
The filed complaint charges Keryx and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Keryx is a biopharmaceutical company that develops and markets treatments for renal disease. The Company's lead product, Auryxia (ferric citrate), is an oral, ferric iron-based compound that is used for the control of serum phosphorus levels in patients with chronic kidney disease on dialysis. Keryx commenced its commercial launch of Auryxia in the United States in December 2014.
During the Class Period, defendants misrepresented and failed to disclose material adverse facts regarding the Company's business and prospects, which were known to defendants or recklessly disregarded by them, including that: (a) the Company's sole third-party contract manufacturer for Auryxia was experiencing manufacturing difficulties that would require it to cease manufacture of Auryxia while the problems were rectified; (b) without that contract manufacturer manufacturing Auryxia, Keryx would not have enough inventory of Auryxia to meet its projected sales guidance; (c) Keryx was attempting to get another third-party manufacturer for Auryxia approved by the FDA, but that approval would not come until at least November 2016; and (d) based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company, its business and financial prospects, and its ability to meet its 2016 guidance during the Class Period.
On August 1, 2016, Keryx issued a press release and conducted a conference call with investors and stock analysts. During the call, Keryx announced that due to previously undisclosed manufacturing and supply issues, the Company was facing an imminent supply interruption for Auryxia until at least October 2016 and it was withdrawing its fiscal 2016 guidance. Keryx also disclosed that it would not be able to get its second contract manufacturer approved by regulators until at least November 2016. On this news, the market price of Keryx common stock declined precipitously, falling $2.64 per share, or 36%, from its close of $7.36 per share on July 29, 2016 to close at $4.72 per share on August 1, 2016, on unusually high trading volume.
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Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact WolfHaldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
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Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
Attorney Advertising. Prior results do not guarantee or predict a similar outcome.
SOURCE: Wolf Haldenstein Adler Freeman & Herz LLP
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.