BOSTON, Aug. 9, 2016 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, announces that Keryx Biopharmaceuticals Inc. ("Keryx" or the "Company") (NASDAQ: KERX) and certain of its officers and directors have been sued for violations of the federal securities laws following the Company's announcement of the withdrawal of its full-year financial guidance and the imminent halt in distribution of the Company's only marketed drug.
Shares in Keryx have plunged nearly 43% since August 1, 2016 when the Company announced that patients who use Keryx's kidney drug Auryxia (the Company's only marketed product) will face a supply interruption until at least October due to a "production-related issue." Because it will be unable to sell its only marketed product for at least several months, the Company also withdrew its full-year forecast regarding both sales and financial results. This news and the resultant stock drop has caused investors to lose tens of millions of dollars.
The class action lawsuit charges that Keryx and certain of its officers and directors made false and misleading statements or omissions regarding the Company's business operations. Specifically, that Keryx failed to disclose that it was experiencing production-related difficulties and that, because of these issues, its Auryxia inventory would and did become depleted, causing the company to halt the drug's distribution and withdraw Keryx's 2016 financial guidance.
If you purchased or otherwise acquired Keryx securities prior to August 1, 2016, you may be a member of the class and eligible to participate in litigation. To learn more about your options or if you have any questions about the litigation, please contact Bradley Vettraino or Steven Harte at (617) 398-5600, by email at [email protected] or [email protected], or visit www.blockesq.com/keryx.
Confidentiality to whistleblowers or others with information relevant to the lawsuit is assured.
Block & Leviton LLP is a Boston-based law firm representing investors nationwide. The firm's lawyers have collectively been prosecuting securities cases on behalf of individual and institutional investors for over 100 years, and have recovered billions of dollars on their behalf. Block & Leviton's investigations into corporate wrongdoing were recently covered by the New York Times.
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SOURCE Block & Leviton LLP