BOSTON, Aug. 9, 2016 /PRNewswire/ -- Block & Leviton
LLP (www.blockesq.com), a securities litigation firm representing
investors nationwide, announces that Keryx Biopharmaceuticals Inc.
("Keryx" or the "Company") (NASDAQ: KERX) and certain of its
officers and directors have been sued for violations of the federal
securities laws following the Company's announcement of the
withdrawal of its full-year financial guidance and the imminent
halt in distribution of the Company's only marketed drug.
Shares in Keryx have plunged nearly 43% since August 1, 2016 when the Company announced that
patients who use Keryx's kidney drug Auryxia (the Company's only
marketed product) will face a supply interruption until at least
October due to a "production-related issue." Because it will be
unable to sell its only marketed product for at least several
months, the Company also withdrew its full-year forecast regarding
both sales and financial results. This news and the resultant stock
drop has caused investors to lose tens of millions of dollars.
The class action lawsuit charges that Keryx and certain of its
officers and directors made false and misleading statements or
omissions regarding the Company's business operations.
Specifically, that Keryx failed to disclose that it was
experiencing production-related difficulties and that, because of
these issues, its Auryxia inventory would and did become depleted,
causing the company to halt the drug's distribution and withdraw
Keryx's 2016 financial guidance.
If you purchased or otherwise acquired Keryx securities prior to
August 1, 2016, you may be a member
of the class and eligible to participate in litigation. To learn
more about your options or if you have any questions about the
litigation, please contact Bradley
Vettraino or Steven Harte at
(617) 398-5600, by email at bradley@blockesq.com or
steven@blockesq.com, or visit www.blockesq.com/keryx.
Confidentiality to whistleblowers or others with information
relevant to the lawsuit is assured.
Block & Leviton LLP is a Boston-based law firm representing investors
nationwide. The firm's lawyers have collectively been prosecuting
securities cases on behalf of individual and institutional
investors for over 100 years, and have recovered billions of
dollars on their behalf. Block & Leviton's investigations into
corporate wrongdoing were recently covered by the New York Times.
This notice may constitute attorney advertising.
CONTACT:
Block & Leviton LLP
Bradley J. Vettraino
Steven P. Harte
155 Federal Street, Suite 400
Boston, MA 02110
(617) 398-5600
bradley@blockesq.com
steven@blockesq.com
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SOURCE Block & Leviton LLP