NEW YORK, May 17, 2018 /PRNewswire/ -- Bernstein Litowitz Berger & Grossmann LLP ("BLB&G") today announced that it filed a securities class action lawsuit on behalf of Arkansas Teacher Retirement System ("Arkansas Teacher") against Prothena Corporation plc ("Prothena" or the "Company") (NASDAQ: PRTA), and certain of its current and former senior executives. The action, which is captioned Arkansas Teacher Retirement System v. Prothena Corporation plc, et al., No. 3:18-cv-02865 (N.D. Cal.), asserts claims under the Securities Exchange Act of 1934 (the "Exchange Act") on behalf of investors who purchased Prothena stock during the period of October 15, 2015 to April 20, 2018, inclusive (the "Class Period").
The Complaint alleges that during the Class Period, Prothena violated the Exchange Act by misleading investors regarding its development of NEOD001, an antibody designed to treat AL amyloidosis, a debilitating disease that can lead to organ failure and death. Throughout the Class Period, defendants misleadingly cited the results of Prothena's ongoing Phase 1/2 clinical study of NEOD001 as evidence that the drug was effective and provided a strong basis for late-stage Phase 2b and Phase 3 studies of NEOD001. In truth, NEOD001 was not an effective treatment for AL amyloidosis and did not provide an adequate basis for the late-stage Phase 2b and Phase 3 studies. When the truth regarding NEOD001's prospects was finally revealed, the price of the Company's stock declined by over 69%.
If you wish to serve as lead plaintiff for the Class, you must file a motion with the Court no later than July 16, 2018, which is the first business day on which the District Court for the Northern District of California is open that is 60 days after the publication date of May 17, 2018. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed class.
Arkansas Teacher is represented by BLB&G, a firm of over 100 attorneys with offices in New York, California, Louisiana, and Illinois. If you wish to discuss this Action or have any questions concerning this notice or your rights or interests, please contact Avi Josefson of BLB&G at 212-554-1493, or via e-mail at email@example.com.
Since its founding in 1983, BLB&G has built an international reputation for excellence and integrity. Specializing in securities fraud, corporate governance, shareholders' rights, employment discrimination, and civil rights litigation, among other practice areas, BLB&G prosecutes class and private actions on behalf of institutional and individual clients worldwide. Unique among its peers, BLB&G has obtained several of the largest and most significant securities recoveries in history, recovering billions of dollars on behalf of defrauded investors. More information about BLB&G can be found online at www.blbglaw.com.
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