STEVENSON, Md., Feb. 5, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the 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) common stock during the period between June 1, 2009 and April 1, 2012, inclusive (the "Class Period").
If you have suffered a net loss from investment in Keryx Biopharmaceuticals, Inc. common stock purchased on or after June 1, 2009, and held through April 1, 2012, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than April 2, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period details concerning the timing and success of the Company's clinical trial, which tested whether the drug Perifosine was effective in treating late stage colorectal cancer. According to the Complaint, following Keryx's April 2, 2012 disclosure that the X-PECT Phase 3 Clinical Trial for refractory advanced colorectal cancer did not meet the primary endpoint of improving overall patient survival versus Capecitabine and a placebo, the value of Keryx's shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.