WAYNE, Pa., Aug. 9, 2016 /PRNewswire/ -- Ryan & Maniskas,
LLP announces that a class action lawsuit has been filed in 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)
between March 2, 2016 and
July 29, 2016, inclusive (the "Class
Period").
Keryx shareholders may, no later than October 3, 2016, move the Court for appointment
as a lead plaintiff of the Class. If you purchased shares of
Keryx and would like to learn more about these claims or if you
wish to discuss these matters and have any questions concerning
this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877)
316-3218 or to sign up online, visit:
www.rmclasslaw.com/cases/kerx.
The complaint charges Keryx and certain of its officers and
directors with violations of the Securities Exchange Act of
1934. Keryx is a biopharmaceutical company that develops and
markets treatments for renal disease. The Company's lead
product, Auryxia (ferric citrate), is an oral, ferric iron-based
compound that is used for the control of serum phosphorus levels in
patients with chronic kidney disease on dialysis. Keryx
commenced its commercial launch of Auryxia in the United States in December 2014.
The complaint alleges that during the Class Period, defendants
misrepresented and failed to disclose material adverse facts
regarding the Company's business and prospects, which were known to
defendants or recklessly disregarded by them, including that: (a)
the Company's sole third-party contract manufacturer for Auryxia
was experiencing manufacturing difficulties that would require it
to cease manufacture of Auryxia while the problems were rectified;
(b) without that contract manufacturer manufacturing Auryxia, Keryx
would not have enough inventory of Auryxia to meet its projected
sales guidance; (c) Keryx was attempting to get another third-party
manufacturer for Auryxia approved by the FDA, but that approval
would not come until at least November 2016; and (d) based on the
foregoing, defendants lacked a reasonable basis for their positive
statements about the Company, its business and financial prospects,
and its ability to meet its 2016 guidance during the Class
Period.
On August 1, 2016, Keryx issued a
press release and conducted a conference call with investors and
stock analysts. During the call, Keryx announced that due to
previously undisclosed manufacturing and supply issues, the Company
was facing an imminent supply interruption for Auryxia until at
least October 2016 and it was
withdrawing its fiscal 2016 guidance. Keryx also disclosed
that it would not be able to get its second contract manufacturer
approved by regulators until at least November 2016. On this
news, the market price of Keryx common stock declined
precipitously, falling $2.64 per
share, or 36%, from its close of $7.36 per share on July
29, 2016 to close at $4.72 per
share on August 1, 2016, on unusually
high trading volume.
If you are a member of the class, you may, no later than
October 3, 2016, request that the
Court appoint you as lead plaintiff of the class. A lead
plaintiff is a representative party that acts on behalf of other
class members in directing the litigation. In order to be
appointed lead plaintiff, the Court must determine that the class
member's claim is typical of the claims of other class members, and
that the class member will adequately represent the class.
Under certain circumstances, one or more class members may
together serve as "lead plaintiff." Your ability to share in
any recovery is not, however, affected by the decision whether or
not to serve as a lead plaintiff. You may retain Ryan &
Maniskas, LLP or other counsel of your choice, to serve as your
counsel in this action.
For more information regarding this, please contact Ryan &
Maniskas, LLP (Richard A. Maniskas,
Esquire) toll-free at (877) 316-3218 or by email at
rmaniskas@rmclasslaw.com or visit:
www.rmclasslaw.com/cases/kerx. For more information about
class action cases in general or to learn more about Ryan &
Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation
firm. Ryan & Maniskas, LLP is devoted to protecting the
interests of individual and institutional investors in shareholder
actions in state and federal courts nationwide.
CONTACT: Ryan & Maniskas, LLP
Richard A. Maniskas, Esquire
995 Old
Eagle School Rd., Suite 311
Wayne, PA
19087
484-588-5516
877-316-3218
www.rmclasslaw.com/cases/kerx
rmaniskas@rmclasslaw.com
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