Upcoming Lead Plaintiff Deadline is June 25, 2024
NEW YORK, May 7, 2024 /PRNewswire/ — Wolf Haldenstein Adler Freeman & Herz LLP (“Wolf Haldenstein”) announces that a federal securities class action lawsuit has been filed in the United States District Court for the Northern District of California against Akero Therapeutics, Inc. (“Akero”) (NASDAQ: AKRO), on behalf of shareholders who purchased or otherwise acquired Akero securities between September 13, 2022 and October 9, 2023, both dates inclusive (the “Class Period”).
All investors who purchased shares and incurred losses are advised to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses, you may, no later than June 21, 2024, request that the Court appoint you as the lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.
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Akero is a clinical stage drug development company that has yet to generate any revenues because the U.S. Food and Drug Administration (“FDA”) has not approved any of its drug candidates for sale.
According to the filed complaint, the Class Period commences on September 13, 2022. when Akero filed a Form 8-K with the U.S. Securities and Exchange Commission (“SEC”),which reported the 24-week results for Akero’s Phase 2b HARMONY study of EFX in patients with pre-cirrhotic NASH. The Form 8-K stated that both the 50 milligram and 28 milligram doses of EFX had achieved statistical significance on primary and secondary histology endpoints after 24 weeks.
Two days later, on September 15, 2022, Akero filed with the SEC a prospectus supplement for a secondary offering of Akero common stock, selling over 8.8 million shares of Akero common stock at $26 per share, raising gross proceeds of approximately $230 million.
Throughout the Class Period, Defendants repeatedly misled investors as to the true nature of the patient population that was being tested in Akero’s SYMMETRY study. Specifically, despite telling investors that the study’s patient population was limited to those with NASH induced cirrhosis (a fact that was key for data integrity and the likelihood of study success), for approximately 20% of those being tested Akero had not confirmed that the patients had NASH and that NASH had in fact caused their cirrhosis.
Akero shocked the market on October 10, 2023 when the company posted disappointing interim data from its Phase 2b SYMMETRY trial for EFX. Specifically, Akero stated that 22% (28mg) and 24% (50mg) of those on EFX and 14% on placebo indicated at least one stage improvement in fibrosis with no worsening of NASH at week 36, the trial’s primary endpoint, but that these changes were not statistically significant. In addition, Akero added that 12 patients, including 11 in EFX groups, discontinued the trial due to drug-related adverse events.
On this news, Akero’s stock price fell $30.39 per share, or 62.61%, to close at $18.15 per share on October 10, 2023.
Wolf Haldenstein has experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas, and offices in New York, Chicago, Nashville and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at [email protected].
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774
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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP
