NEW YORK, Aug. 11, 2016 /PRNewswire/ -- Attorney
Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds
investors that a securities class action has been filed in the
United States District, Southern District of New York, on behalf of those who purchased
shares of Keryx Biopharmaceuticals Inc. ("Keryx" or the "Company")
(NASDAQ: KERX) between February 25,
2016 and July 29, 2016
inclusive (the "Class Period").
This class action seeks to recover damages against Defendants
for alleged violations of the federal securities laws under the
Securities Exchange Act of 1933.
Keryx is a biopharmaceutical company that markets therapies for
patients with renal disease. Keryx's product Auryxia (ferric
citrate), also known as Riona in Japan and Fexeric in Europe, is an oral iron-based compound, that
became U.S. Food and Drug Administration ("FDA") approved in
September 2014 to manage serum
phosphorus levels in patients with chronic kidney disease ("CKD")
on dialysis.
The 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 Keryx's
business, operations, and prospects. Specifically, Defendants made
false and/or misleading statements and/or failed to disclose that:
(1) Keryx was having trouble with its production of converting API
to finished drug product; (2) these difficulties were lessening
production yields of finished drug product; (3) consequently, Keryx
would drain its reserve of finished drug product; and (4)
subsequently, Defendants' statements regarding Keryx's business,
operations, and prospects, were false and misleading and/or lacked
a reasonable basis.
On August 1, 2016, Keryx revealed
that a "production-related issue" at the manufacturer will cause an
interruption in the supply Auryxia® (ferric citrate) tablets.
Keryx admitted that "current inventories of Auryxia are not
sufficient to ensure uninterrupted patient access." Keryx said that
it expects to restore adequate supply of Auryxia and make Auryxia
available to patients during the fourth quarter of 2016. Keryx
also withdrew its 2016 financial guidance. Following this
news, Keryx stock dropped $2.64 per
share, or 35.8%, to close at $4.72 on
August 1, 2016.
No Class has yet been certified in the above action. To
discuss this action, or for any questions, please visit the firm's
site: http://www.bgandg.com/kerx. You can also contact
Peretz Bronstein, Esq. or his
Investor Relations Analyst, Yael
Hurwitz of Bronstein, Gewirtz & Grossman, LLC at
212-697-6484 or via email info@bgandg.com. Those who inquire by
e-mail are encouraged to include their mailing address and
telephone number. If you suffered a loss in Keryx, you have
until October 3, 2016 to
request that the Court appoint you as lead plaintiff. Your
ability to share in any recovery doesn't require that you serve as
a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation
boutique. Our primary expertise is the aggressive pursuit of
litigation claims on behalf of our clients. In addition to
representing institutions and other investor plaintiffs in class
action security litigation, the firm's expertise includes general
corporate and commercial litigation, as well as securities
arbitration. Attorney advertising. Prior results do not
guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
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SOURCE Bronstein, Gewirtz & Grossman, LLC