The investigation concerns whether Keryx and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On August 1, 2016, Keryx announced that a "production-related issue" at the Company's contract manufacturer will cause an interruption in the supply of the Company's Auryxia tablets. Keryx acknowledged that "current inventories of Auryxia are not sufficient to ensure uninterrupted patient access." Keryx also withdrew its guidance for the year.
On this news, Keryx's share price fell $2.63, or 35.78%, to close at $4.72 on August 1, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP