NEW YORK, May 16, 2024 (GLOBE NEWSWIRE) — Abraham, Fruchter & Twersky, LLP (www.aftlaw.com), a nationally recognized law firm that focuses on protecting investors’ rights, informs shareholders of a class action lawsuit on behalf of investors who purchased Akero Therapeutics, Inc. (“Akero”) (NYSE: AKRO) common stock captioned Klobus v. Akero Therapeutics, Inc., No. 3:24-cv-02534 (N.D. Cal.).
The Akero class action lawsuit alleges violations of the federal securities laws, including making false and misleading statements by Akero Inc. and its directors and officers. The class action lawsuit is brought on behalf of purchasers and acquirers of Akero’s publicly traded securities between September 13, 2022, and October 9, 2023, inclusive (the “Class Period”).
The Akero class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) approximately 20% of the patients enrolled in the SYMMETRY study had cryptogenic cirrhosis and did not have definitive NASH at baseline; (ii) the cryptogenic cirrhotic patients included in the SYMMETRY study did not have biopsy-proven compensated cirrhosis due to definitive NASH; (iii) the results from the cryptogenic cirrhosis patients were to be excluded from the calculation of the NASH resolution secondary endpoints; (iv) Akero had introduced a confounding factor into the SYMMETRY study’s design, materially influencing the study’s potential results and increasing the risks that the study would fail to meet its primary endpoint; (v) the SYMMETRY study did not align with U.S. Food & Drug Administration guidance for testing a drug in treating NASH cirrhotics because Akero had not ruled out potential causes of each patient’s cirrhosis other than NASH; and (vi) consequently, Akero had materially misrepresented the nature of the SYMMETRY trial, its usefulness in supporting any new drug application, the likelihood that the SYMMETRY trial would be successful as measured by its primary endpoint, and the likelihood that EFX would become a commercial treatment for NASH cirrhotics.
Lead plaintiff motions for the Akero class action lawsuit must be filed with the court no later than June 25, 2024. If you suffered substantial losses by investing in Akero securities and would like to discuss serving as lead plaintiff of the Akero class action lawsuit, please contact Jack Fruchter by email at akro@aftlaw.com. You can also reach Jack Fruchter by telephone at (212) 279-5050. There is no cost or obligation to you.
Abraham, Fruchter & Twersky, LLP (www.aftlaw.com), is a law firm based in New York with an office in California that has extensive experience in litigating securities law violations on behalf of investors.
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