SAN FRANCISCO, May 13, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Akero Therapeutics, Inc. (NASDAQ: AKRO) investors who suffered substantial losses to submit their losses now.
Class Period: Sep. 13, 2022 – Oct. 9, 2023
Lead Plaintiff Deadline: June 25, 2024
Visit: www.hbsslaw.com/investor-fraud/AKRO
Contact the Firm Now: AKRO@hbsslaw.com
844-916-0895
Akero Therapeutics, Inc. (AKRO) Class Action:
Akero Therapeutics, a biopharmaceutical company developing treatments for liver disease, is under fire from investors in a securities class action lawsuit. The lawsuit alleges that Akero misled investors about a key clinical trial designed to evaluate their lead drug candidate efruxifermin.
The trial, called SYMMETRY, investigated efruxifermin’s effectiveness in treating nonalcoholic steatohepatitis (NASH). However, the lawsuit centers on Akero’s inclusion of patients with cryptogenic cirrhosis, a condition the FDA specifically discouraged for such trials due to its unclear cause.
The complaint alleges that roughly 20% of SYMMETRY participants had cryptogenic cirrhosis, raising concerns about their definitive NASH diagnoses. The lawsuit further claims Akero failed to ensure these patients had a specific type of cirrhosis confirmation and then excluded their data from a critical secondary endpoint measuring NASH resolution.
Investors allege this not only compromised the trial’s integrity but also misled them about the study’s design and its ability to support future drug applications. The lawsuit claims Akero misrepresented the likelihood of the trial's success and efruxifermin’s potential as a viable NASH treatment.
The truth came to light in Oct. 2023 when Akero announced the SYMMETRY trial failed to meet its primary goal. Additionally, they disclosed the exclusion of data from patients with cryptogenic cirrhosis, triggering a significant stock price drop. Akero's share price plummeted over 60% on the news, followed by analyst downgrades.
“We’re investigating whether Akero may have intentionally misrepresented the SYMMETRY trial’s design and results,” stated Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Akero Therapeutics and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the Akero case and our investigation, read more »
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
