WILMINGTON, Del., Aug. 30, 2016 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Keryx Biopharmaceuticals, Inc. (NASDAQ:KERX)?
- Did you purchase your shares between February 25, 2016 and August 1, 2016, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of Keryx Biopharmaceuticals, Inc. (“Keryx” or the “Company”) (NASDAQ:KERX) between February 25, 2015 and August 1, 2016, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Keryx during the Class Period, or purchased shares prior to the Class Period and still hold Keryx, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com; or at: http://rigrodskylong.com/investigations/keryx-biopharmaceuticals-inc-kerx.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) that the Company was experiencing production-related difficulties in converting active pharmaceutical ingredient (“API”) to finished drug product; (2) that the issue was resulting in decreased production yields of finished drug product; (3) that, as a result, the Company would, and did exhaust its reserve of finished drug product; and (4) that, as a result of the foregoing, Defendants’ statements about Keryx’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on August 1, 2016, Keryx announced that it had determined that a supply interruption of Auryxia was going to occur due to a production-related issue in converting API to finished drug product at its contract manufacturer. The Company also disclosed that this issue has resulted in variable production yields of finished drug product, and that as a result, the Company had exhausted its reserve of finished drug product. Finally, the Company stated that it expects to restore adequate supply of Auryxia and make Auryxia available to patients during the fourth quarter of 2016.
On this news, shares of Keryx dropped over 35%, closing at $4.72 per share on August 1, 2016, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than October 3, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
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