Faruqi & Faruqi, LLP Files Class Action Lawsuit Against Keryx Biopharmaceuticals, Inc. -- KERX
NEW YORK, Feb. 1, 2013 /PRNewswire/ -- Notice is hereby given that Faruqi & Faruqi, LLP has filed a class action lawsuit in the United States District Court for the Southern District of New York, case no. 13 Civ. 0755, on behalf of all persons who purchased Keryx Biopharmaceuticals, Inc. ("Keryx" or the "Company") (NASDAQ CM: KERX) securities between June 1, 2009 and April 1, 2012 inclusive (the "Class Period").
If you wish to obtain information concerning this action or view a copy of the complaint, you can do so by clicking here: www.faruqilaw.com/KERX
Keryx and its Chief Executive Officer Ron Bentsur are alleged to have violated Section 10(b) and/or 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that defendants mislead investors about the timing and success of Keryx's clinical trial that tested whether the drug perifosine was effective in treating late stage colorectal cancer.
On April 2, 2012, Keryx announced the top-line data from the perifosine X-PECT Phase 3 Clinical Trial. The Company revealed that the trial for refractory advanced colorectal cancer did not meet the primary endpoint of improving overall patient survival versus capecitabine and a placebo. On this disappointing news, Keryx share price plummeted from $4.98 on March 30, 2012 to $1.74 on April 2, 2012 – a decline of roughly 65%.
Plaintiff now seeks to recover damages on behalf of himself and all other individual and institutional investors who bought Keryx securities between June 1, 2009 and April 1, 2012, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions and actions involving corporate fraud.
If you purchased Keryx securities during the Class Period, you may, not later than April 2, 2013, move the court to serve as lead plaintiff of the class, if you so choose. In order to discuss this action, or if you have any questions concerning this notice or your rights or interests, please contact
FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Francis McConville, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
SOURCE Faruqi & Faruqi, LLP