SAN DIEGO and CAMBRIDGE, Mass., Aug. 19, 2015 /PRNewswire/ -- Shareholder rights law firm Robbins Arroyo LLP is investigating whether certain officers and directors of Akebia Therapeutics, Inc. (NASDAQGM: AKBA) breached their fiduciary duties to shareholders. Akebia Therapeutics is a biopharmaceutical company that focuses on the development and commercialization of proprietary therapeutics based on hypoxia inducible factor biology for patients with kidney disease. Its lead product candidate is AKB-6548, an oral therapy designed to treat anemia related to chronic kidney disease in non-dialysis patients.
View this press release on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/akebia-therapeutics-inc
Akebia Therapeutics Reports Adverse Study Results
On March 20, 2014, Akebia Therapeutics held an initial public offering of its stock, offering 5.88 million shares at $17.00 per share. On October 27, 2014, Akebia Therapeutics announced the results of its Phase 2b placebo-controlled trial of AKB-6548 in non-dialysis patients with anemia related to chronic kidney disease. The company reported that 23.9% of patients on the drug experienced serious side effects, versus just 15.3% receiving placebo. One of the serious adverse events "was considered probably related to active treatment and two were considered possibly related, including one death." On this news, Akebia Therapeutics' stock dropped from $19.72 on October 24, 2014, to $13.97 on October 27, 2014, a single-day drop of 29%.
In light of this news, Robbins Arroyo LLP's investigation focuses on whether Akebia Therapeutics and/or its officers misled shareholders by issuing false statements regarding the company's business practices.
Akebia Therapeutics Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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SOURCE Robbins Arroyo LLP