BOSTON, Aug. 26, 2016 /PRNewswire/ -- Block &
Leviton LLP (blockesq.com) announces that it has filed a class
action lawsuit against Keryx Biopharmaceuticals, Inc. ("Keryx" or
the "Company") (NASDAQ: KERX) and certain of its officers for
violations of the federal securities laws.
Shares in Keryx have plunged nearly 39% since August 1, 2016 when the Company announced that
due to a "production-related issue" with the Company's only drug
manufacturer, patients who use Keryx's kidney drug Auryxia (the
Company's only marketed product) will face a supply interruption
until at least October. Keryx 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 case, brought on behalf of investors who purchased or
otherwise acquired Keryx securities between September 2, 2013 and August 1, 2016 (the "Class Period"), alleges that
the defendants made false and/or misleading statements and/or
failed to disclose: (1) that the Company intended to and did
contract with only a single contract manufacturer; (2) that the
Company lacked adequate inventory controls; (3) that at some point
during the Class Period, defendants became aware but did not
disclose that its contract manufacturer was experiencing
difficulties in production; (4) that these production difficulties
would cause the depletion of Keryx's Auryxia inventory, and (5)
that, as a result, the Company's financial guidance and statements
about Keryx's business, operations, and prospects, were false and
misleading.
If you wish to serve as a lead plaintiff, you must move the
Court no later than October 3, 2016.
As a member of the class, you may seek to file a motion to
serve as a lead plaintiff or take no action and remain an absent
class member. To learn more about your options or if you have
any questions about the litigation, please contact attorneys
Steven Harte or Bradley Vettraino at (617) 398-5600, by email at
steven@blockesq.com or bradley@blockesq.com, or visit
www.blockesq.com/keryx.
Confidentiality to whistleblowers or others with relevant
information 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 50 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.
The case, filed August 26, 2016,
is pending in the United States District Court for District of
Massachusetts, and is captioned
Karth v. Keryx Biopharmaceuticals, Inc., et al., Ca No.
1:16-cv-11745. The court is located at 1 Courthouse Way,
Boston, Massachusetts 02210.
This notice may constitute attorney advertising.
Contact: BLOCK & LEVITON LLP
Steven Harte
Bradley Vettraino
155 Federal St
Boston MA 02110
(617) 398-5600
Steven@blockesq.com
Bradley@blockesq.com
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SOURCE Block & Leviton LLP