Investors who purchased shares of Akero Therapeutics, Inc. (NasdaqGS: AKRO) between September 13, 2022, and October 9, 2023, may have an opportunity to participate in a securities class action lawsuit. The lawsuit, filed in the United States District Court for the Northern District of California, alleges that Akero and certain executives violated federal securities laws by failing to disclose material information during the specified period.
According to the lawsuit, Akero allegedly made false and misleading statements and omissions regarding its lead product candidate, efruxifermin (EFX), and the results of the SYMMETRY study. The lawsuit claims that approximately 20% of patients enrolled in the study had cryptogenic cirrhosis, not the definitive nonalcoholic steatohepatitis (NASH), as initially stated. Additionally, it is alleged that the study did not align with FDA guidance and that Akero had introduced a confounding factor that could have influenced the study’s results.
The market reacted to these alleged misrepresentations when Akero disclosed the study’s 36-week results on October 10, 2023. As a result, the company’s stock price plummeted by nearly 70%.
Investors who suffered financial losses as a result of investing in Akero during the specified period may be eligible to participate in the class action lawsuit. The lead plaintiff deadline is June 25, 2024. To learn more about the lawsuit and your potential legal rights, you can contact Kahn Swick & Foti, LLC, a boutique securities litigation law firm representing investors in seeking recoveries for investment losses.
Kahn Swick & Foti, LLC, led by former Louisiana Attorney General Charles C. Foti, Jr., has a strong track record of advocating for investor rights. The firm serves various clients, including institutional investors and retail investors, in cases involving corporate fraud or malfeasance by publicly traded companies.
For more information, visit Kahn Swick & Foti’s website at www.ksfcounsel.com.
Akero Therapeutics, a biotechnology company, is currently facing a securities class action lawsuit for allegedly failing to disclose material information to investors. The lawsuit, filed in the United States District Court for the Northern District of California, claims that Akero and certain executives violated federal securities laws by making false and misleading statements and omissions regarding their lead product candidate, efruxifermin (EFX), and the results of the SYMMETRY study.
One key allegation in the lawsuit is that approximately 20% of patients enrolled in the study had cryptogenic cirrhosis, rather than the definitive nonalcoholic steatohepatitis (NASH), which was initially stated. It is also claimed that the study did not align with FDA guidance and that Akero introduced a confounding factor that may have influenced the study’s results.
The impact of these alleged misrepresentations was significant, as on October 10, 2023, when Akero disclosed the 36-week results of the study, the company’s stock price plummeted by nearly 70%. This indicates that investors who purchased shares of Akero between September 13, 2022, and October 9, 2023, may have suffered substantial financial losses.
Eligible investors who incurred losses during the specified period have an opportunity to participate in the class action lawsuit. The lead plaintiff deadline is June 25, 2024. To learn more about the lawsuit and potential legal rights, investors can contact Kahn Swick & Foti, LLC, a securities litigation law firm representing investors seeking recoveries for investment losses. This firm, led by former Louisiana Attorney General Charles C. Foti, Jr., has a proven track record of advocating for investor rights and represents both institutional and retail investors in cases involving corporate fraud or malfeasance by publicly traded companies.
For additional information and to explore your legal options, you can visit Kahn Swick & Foti’s website at www.ksfcounsel.com.