SAN FRANCISCO, Sept. 08, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP reminds investors in Keryx Biopharmaceuticals, Inc. (NASDAQ: KERX ) of the October 3, 2016 Lead Plaintiff deadline in the securities class action lawsuits filed in the United States District Courts for the Southern District of New York and the District of Massachusetts, and of the expanded Class Period beginning on September 2, 2013.
To all investors in KERX: If you purchased or otherwise acquired securities of Keryx Biopharmaceuticals, Inc. between September 2, 2013 and August 1, 2016 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/KERX
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing KERX@hbsslaw.com .
This case alleges that Defendants committed securities fraud when they issued false or misleading statements about the Company’s business, operations and prospects resulting in abrupt withdrawal of financial guidance related to previously undisclosed difficulties in production yields of Auryxia.
On February 25, 2016, Defendants stated: “Keryx expects full year 2016 Auryxia net U.S. product sales to be in the range of $31 to $34 million. The company expects sales to ramp throughout the year, as it realizes the full impact of its expanded sales force.”
During the April 28, 2016 earnings conference call, CEO Greg Madison stated, “We are pleased to report that the fundamentals of Auryxia continue to remain strong across physicians, payers and patients… [w]ith these fundamentals in place, along with the efforts of our expanded sales force ramping over the course in 2016, we are confident in our ability to achieve our net sales guidance.”
Then, on August 1, 2016, Defendants withdrew the guidance and disclosed an imminent interruption in the supply of Auryxia tablets due to production-related issues. During the earnings conference call, Madison acknowledged, “[i]n the past few months, we began experiencing difficulties converting active pharmaceutical ingredients or API, to finished drug product which resulted in variable yields, as compared to our historical rate.” In response, Keryx’s share price fell nearly 36% to $4.72 per share.
“The acknowledgement that Keryx had been suffering difficulties in yields over the past few months is inconsistent with the optimistic guidance given at the end of April,” said Hagens Berman partner Reed Kathrein. “At a minimum, these difficulties, and their need to manage supply levels should have been disclosed.”
Whistleblowers: Persons with non-public information regarding Keryx Biopharmaceuticals, Inc. should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email KERX@hbsslaw.com .
About Hagens Berman Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com . Read the Firm’s Securities Newsletter , and visit the blog . For the latest news visit our newsroom or follow us on Twitter at @classactionlaw .
Contact: Reed Kathrein, 510-725-3000
