NEW YORK, March 17, 2022 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against Akebia Therapeutics, Inc. (“Akebia” or the “Company”) (NASDAQ: AKBA) and certain of its officers. The class action, filed in United States District Court for the Eastern District of new Yorkand registered under number 22-cv-01411, is in the name of a class composed of all persons and entities other than the defendants who have purchased or otherwise acquired Akebia securities between June 28, 2018 and September 2, 2020both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of federal securities laws and to pursue remedies under Sections 10(b) and 20(a). ) of the Securities Exchange Act of 1934 (the “Exchange Act”) and rule 10b-5 promulgated thereunder, against the Company and certain of its principal officers.
If you are a shareholder who purchased or otherwise acquired Akebia securities during the Class Period, you have until May 13, 2022 ask the court to name you as the lead plaintiff for the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, Ext. 7980. Those applying by email are encouraged to include their mailing address, phone number and number of shares purchased.
[Click here for information about joining the class action]
Akebia is a biopharmaceutical company focused on the development and commercialization of kidney therapeutics for patients with kidney disease. The Company’s lead investigational product candidate is vadadustat, an oral therapy, which is in Phase 3 development for the treatment of anemia due to chronic kidney disease (“CKD”) in adult patients dependent and non-dependent on dialysis (“NDD”). .
Akebia’s Phase 3 clinical programs for vadadustat include, among others, PRO2TECT program in patients with NDD-CKD anemia (the “PRO2TECT program”). The PRO program2The primary safety endpoint of the TECT program was defined as non-inferiority of vadadustat to darbepoetin alfa in time to first occurrence of major adverse cardiovascular events (“MACE”).
The Complaint alleges that, throughout the Class Period, the Defendants made materially false and misleading statements regarding the company’s business, operations and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) vadadustat was not as safe in the treatment of NDD-CKD patients with anemia as Defendants l had represented; (ii) as a result, the defendants overestimated the PRO2the clinical perspectives of the TECT program; (iii) as a result, the defendants also overstated Vadadustat’s overall business and regulatory prospects; and (iv) as a result, the Company’s public statements were materially false and misleading at all material times.
At September 3, 2020Akebia issued a press release announcing the “first results” of the PRO2TECT program, revealing that “[v]adadustat did not meet the primary safety endpoint of PRO2TECT program, defined as non-inferiority of vadadustat to darbepoetin alfa over time to first onset of [MACE.]”
At this news, Akebia’s ordinary share price fell. $7.35 per share, or 73.5%, to close at $2.65 per share on September 3, 2020.
Pomerantz LLP, with offices in new York, Chicago, Los Angeles, Parisand Tel Aviv, is recognized as one of the leading firms in the areas of corporate litigation, securities and antitrust. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm recovered numerous multimillion-dollar damages on behalf of class members. See www.pomlaw.com
Robert S. Willoughby
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP