NEW YORK, Aug. 21, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces
that a federal securities class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of all investors that purchased Nektar Therapeutics, Inc. (NASDAQ: NKTR) (the “Company”) securities between February 15, 2019 and August 8, 2019 (the "Class Period"), inclusive.
Investors who purchased the shares of Nektar Therapeutics, Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.If you have incurred losses in the shares of Nektar Therapeutics, Inc., you may, no later than October 18, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Nektar Therapeutics, Inc.
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The filed complaint alleges that throughout the class period, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business,
operations, and prospects. Specifically, defendants failed to disclose to investors:
- that the Company did not comply with current good manufacturing practices;
- that, as a result, batches of NKTR-214 were not produced consistently and differed meaningfully;
- that clinical results from PIVOT-02 differed based on the batch of NKTR-214 used in the study;
- that, as a result, the PIVOT-02 study did not produce statistically significant results to support a finding of clinical benefit; and
- that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On August 8, 2019, the company revealed that a manufacturing issue caused two batches of bempegaldesleukin to differ from the other twenty batches that were produced. Furthermore, these batches resulted in variable clinical benefit with respect to the other batches used in the Company's PIVOT-02 clinical trial.
On this news, the Company's share price fell $8.65, or nearly 30%, to close at $20.92 per share on August 9, 2019.
Wolf Haldenstein Adler Freeman & Herz LLP 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 Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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