NEW YORK, May 22, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Akari Therapeutics, Plc ("Akari" or the "Company") (NASDAQ: AKTX) of the July 11, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Akari American Depository Receipts ("ADRs") between March 30, 2017 and May 11, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/AKTX. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Akari securities between March 30, 2017 and May 11, 2017 (the "Class Period"). The case, Da Ponte v. Akari Therapeutics, Plc et al, No. 1:17-cv-03577 was filed on May 12, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose: (1) that Dr. Gur Roshwalb ("Roshwalb"), the Company's Chief Executive Officer ("CEO"), and possibly other executives, were involved in publishing false information about the Company, including false information about the Phase 2 PNH trial of Coversin; (2) that the Company lacked adequate checks and protections to prevent such behavior; and (3) that, as a result, the Company's statements about its business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
Specifically, on May 11, 2017, the Company announced that its CEO, Dr. Roshwalb, was placed on administrative leave while Akari's Board of Directors investigates the involvement of Company personnel in connection with a report issued on April 26, 2017 by Edison Investment Research Ltd., an investment research and advisory company.
On this news, Akari's ADR price fell from $11.49 per ADR on May 11, 2017 to a closing price of $9.03 on May 12, 2017—a $2.46 or a 21.41% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Akari's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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