NEW YORK, July 13, 2018 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Prothena Corporation plc ("Prothena" or the "Company") (NASDAQ: PRTA ) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Prothena securities between October 15, 2015 and April 20, 2018, inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/prta .
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose: (1) relevant trial data showed that Prothena’s antibody NEOD001, designed to treat amyloid light chain amyloidosis (“AL amyloidosis”), was not an effective treatment; (2) the Company made misleading comparisons of NEOD001’s “best response” rates against certain prior studies; and (3) the Company touted Prothena’s ongoing Phase 1/2 study of NEOD001 as providing a strong basis for late-stage Phase 2b and Phase 3 studies of NEOD001, even though the full Phase 1/2 study data demonstrated that NEOD001 was not an effective treatment.
On April 23, 2018, Prothena announced that it “is discontinuing development of NEOD001, an investigational antibody that was being evaluated for the treatment of AL amyloidosis.” The Company advised investors that “[b]ased on the results from the Phase 2b PRONTO study, which did not meet its primary or secondary endpoints, the Company asked the independent data monitoring committee (DMC) of the Phase 3 VITAL study to review a futility analysis of the ongoing VITAL study. The DMC recommended discontinuation of the VITAL study for futility.” On this news, Prothena’s share price fell $25.34, or 68.78%, to close at $11.50 on April 23, 2018.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/prta or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Prothena you have until July 16, 2018 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
