NEW YORK, Dec. 31, 2018 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Nektar Therapeutics, Inc. (“Nektar” or the “Company”) (NASDAQ: NKTR) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Nektar securities between November 11, 2017 through October 2, 2018, inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/nktr .
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 that: (1) prior studies which attempted to pegylate IL-2 failed; (2) NKTR-214’s extended half-life was unlikely to result in efficacy and created additional high-dosing safety concerns; (3) NKTR-214 was less effective than IL-2 alone; (4) the combination of NKTR-214 with nivolumab has not yet demonstrated significant positive results; and (5) as a result, Nektar’s public statements as set forth above were materially false and misleading at all relevant times.
On October 1, 2018, Plainview LLC (“Plainview”) published a report entitled “NKTR-214: Pegging the Value at Zero”. The report addressed the efficacy of Nektar’s lead clinical-stage drug NKTR-214, which the Company has touted as “a promising treatment for cancer, particularly in combination with checkpoint inhibitors.” The Plainview report stated that “Nektar hypothesized that IL-2 [a naturally occurring cytokine] could be improved by adding polyethylene glycol molecules to it (pegylating it) to extend the half-life and block interaction with” a specific receptor, but that “[u]nfortunately, the anticipated benefits did not materialize and pegylation has proved to be a drag on efficacy.” The Plainview report asserted that the core concept of Nektar’s plan to develop NKTR-214 into “a new universal cancer treatment” “has never worked in practice”, and further asserted that Nektar’s decision to only disclose certain trial results represented “an unprecedented level of data opacity.” Following the publication of the Plainview report, Nektar’s stock price fell $5.63 per share, or 9.24%, over the following two trading sessions, closing at $55.33 per share on October 2, 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/nktr 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 Nektar you have until December 31, 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
