PRTA INVESTORS ALERT: Lieff Cabraser Announces Securities Class Action Against Prothena Corporation plc
June 06 2018 - 10:05AM
Business Wire
The law firm of Lieff Cabraser Heimann & Bernstein, LLP
announces that class action litigation has been filed on behalf of
investors who purchased or otherwise acquired the publicly traded
securities of Prothena Corporation plc (“Prothena” or the
“Company”) (NYSE: PRTA) between October 15, 2015 and April 20,
2018, inclusive (the “Class Period”).
If you purchased or otherwise acquired Prothena’s publicly
traded securities during the Class Period, you may move the Court
for appointment as lead plaintiff by no later than July 16, 2018. A
lead plaintiff is a representative party who acts on behalf of
other class members in directing the litigation. Your share of any
recovery in the actions will not be affected by your decision of
whether to seek appointment as lead plaintiff. You may retain Lieff
Cabraser, or other attorneys, as your counsel in the actions.
Prothena investors who wish to learn more about the litigation
and how to seek appointment as lead plaintiff should click here or
contact Sharon M. Lee of Lieff Cabraser toll-free at
1-800-541-7358.
Background on the Prothena Securities Class
Litigation
Prothena, incorporated in Ireland and with U.S. headquarters in
South San Francisco, California, is a development-stage
biotechnology company.
The action alleges that Defendants made false and/or misleading
statements and/or failed to disclose the results of an ongoing
clinical trial for its principal drug, NEOD001, a monoclonal
antibody used to treat a rare, debilitating disease that can lead
to organ failure and death. According to the Complaint, throughout
the Class Period Prothena cited the “best response” results from
the Company’s ongoing clinical study of the NEOD001 antibody as
evidence that the drug was effective, while withholding relevant
trial data showing that the drug was not effective.
Plaintiff alleges that the truth began to emerge through a
series of partial disclosures in 2017 and early 2018, culminating
with the April 23, 2018 announcement that Prothena was ending all
development of NEOD001 after data from the Phase 2b clinical trial
showed that NEOD001 failed to reach either its primary or secondary
endpoints, and was substantially less effective than the placebo.
On this news, the Company’s share price fell 69%, or $25.34, from
the previous closing price of $36.84 per share on April 20, 2018 to
close at $11.50 per share on April 23, 2018, on extremely elevated
trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San
Francisco, New York, Nashville, and Seattle, is a nationally
recognized law firm committed to advancing the rights of investors
and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of
the nation’s top plaintiffs’ law firms for 15 years. In compiling
the list, the NLJ examines recent verdicts and settlements and
looks for firms “representing the best qualities of the plaintiffs’
bar and that demonstrated unusual dedication and creativity.”
Law360 selected Lieff Cabraser as one of the “Top 50 Law Firms
Nationwide for Litigation,” highlighting our firm’s “laser focus”
and noting that Lieff Cabraser routinely finds itself “facing off
against some of the largest and strongest defense law firms in the
world.” The publication separately named our firm one of five “2017
California Powerhouses,” the only plaintiffs' firm on the list.
Best Lawyers and U.S. News named Lieff Cabraser as a “Law Firm of
the Year” from 2012 through 2016, and the firm has received a
number of other recent honors, awards, and recognition, including
the National Law Journal’s “Elite Trial Lawyers,” Law360’s “Most
Feared Plaintiffs’ Firms,” and Benchmark Litigation's “Top 10
Plaintiffs Firms in America.”
For more information about Lieff Cabraser and the firm’s
representation of investors, please visit
http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180606005372/en/
Lieff Cabraser Heimann & Bernstein, LLPSharon M. Lee,
1-800-541-7358
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