Class Action litigation has been filed in the United States District Court for the Southern District of New York against Akari and certain executives of the Company on behalf of investors who purchased or otherwise acquired Akari's securities, including Akari's American Depositary Shares ("ADSs"), between March 30, 2017 and May 11, 2017, inclusive (the "Class"), alleging violations of the Securities Exchange Act of 1934.
On April 26, 2017, Edison Investment Research Ltd. ("Edison") issued a report entitled "Akari's Coversin matches Soliris in Phase II" (the "Edison Report").
The next day, on April 27, 2017, the Company announced the withdrawal of the Edison Report due to material inaccuracies related to the interim analysis of the ongoing Phase 2 clinical trial of Coversin. The Company further stated that investors should not rely upon any information in the Edison Report. Following this news, Akari's ADSs fell $1.46 per ADS, or about 8.9%, to close at $15 per ADS on April 27, 2017.
On May 11, 2017, Akari filed a Form 6-K with the SEC announcing that the Company established an ad hoc special committee to review the involvement, if any, of Company personnel with the Edison Report. Additionally, the Company disclosed that Dr. Gur Roshwalb, Akari's CEO, had been placed on administrative leave during the pendency of the review. Following this news, Akari's ADSs fell $2.46 per ADS, or 21.4%, to close at $9.03 per ADS.
The class action alleges that throughout the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects, including (1) that the Company's CEO, and possibly other executives, were involved in publishing false information about the Company, including false information about the Phase 2 clinical trial of Coversin; (2) that the Company lacked adequate checks and protections to prevent such behavior; and (3) that, as a result of the foregoing, defendants' statements about Akari's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
If you are a member of the proposed Class, you may move the court no later than July 11, 2017 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing email@example.com or by calling 800-290-1952.
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Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, the action, your rights, or your interests, please contact:
Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
Fax: (212) 687-7714
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California 94104
Fax: (415) 772-4707
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SOURCE Kaplan Fox & Kilsheimer LLP