NEW YORK, Aug. 11, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a securities class action has been filed in the United States District, Southern District of New York, on behalf of those who purchased shares of Keryx Biopharmaceuticals Inc. ("Keryx" or the "Company") (NASDAQ: KERX) between February 25, 2016 and July 29, 2016 inclusive (the "Class Period").
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1933.
Keryx is a biopharmaceutical company that markets therapies for patients with renal disease. Keryx's product Auryxia (ferric citrate), also known as Riona in Japan and Fexeric in Europe, is an oral iron-based compound, that became U.S. Food and Drug Administration ("FDA") approved in September 2014 to manage serum phosphorus levels in patients with chronic kidney disease ("CKD") on dialysis.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about Keryx's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Keryx was having trouble with its production of converting API to finished drug product; (2) these difficulties were lessening production yields of finished drug product; (3) consequently, Keryx would drain its reserve of finished drug product; and (4) subsequently, Defendants' statements regarding Keryx's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On August 1, 2016, Keryx revealed that a "production-related issue" at the manufacturer will cause an interruption in the supply Auryxia® (ferric citrate) tablets. Keryx admitted that "current inventories of Auryxia are not sufficient to ensure uninterrupted patient access." Keryx said that it expects to restore adequate supply of Auryxia and make Auryxia available to patients during the fourth quarter of 2016. Keryx also withdrew its 2016 financial guidance. Following this news, Keryx stock dropped $2.64 per share, or 35.8%, to close at $4.72 on August 1, 2016.
No Class has yet been certified in the above action. To discuss this action, or for any questions, please visit the firm's site: http://www.bgandg.com/kerx. You can also contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Keryx, you have until October 3, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
SOURCE Bronstein, Gewirtz & Grossman, LLC