NEW YORK, May 19, 2017 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Akari Therapeutics plc. (“Akari” or the “Company”) (NASDAQ:AKTX) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 17-cv-03783, is on behalf of a class consisting of investors who purchased or otherwise acquired Akari American Depository Receipts (“ADR” or “share”) securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased shares between March 30, 2017 and May 11, 2017, both dates inclusive, you have until July 11, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
[Click here to join this class action]
Akari Therapeutics, plc is a clinical-stage biopharmaceutical company focused on developing inhibitors of acute and chronic inflammation, specifically the complement system, the eicosanoid system, and the bioamine system for the treatment of rare and orphan diseases.
On April 26, 2017, Edison Investment Research Ltd. (“Edison”) issued a report titled “Akari’s Coversin matches Soliris in Phase II” (the “Edison Report”).
On April 27, 2017, the Company disclosed that Edison had withdrawn its report because it contained material inaccuracies related to Akari’s interim analysis of its Phase 2 PNH trial of Coversin. The Company further stated that investors should not rely upon any information contained in the Edison Report.
Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) officers of the Company, including Akari’s Chief Executive Officer (“CEO”), were involved in publishing false information about the Company, including false information about the Phase 2 PNH trial of the Company’s Coversin product; (ii) the Company lacked adequate checks and protections to prevent such behavior; and (iii) as a result of the foregoing, Akari’s public statements were materially false and misleading at all relevant times.
On May 11, 2017, Akari filed a Form 6-K with the Securities and Exchange Commission announcing that Akari had established an ad hoc special committee to review the involvement of Company personnel in preparing the inaccurate Edison Report. Furthermore, the Form 6-K disclosed that Dr. Gur Roshwalb, the CEO, has been placed on administrative leave while the review is pending.
On this news, the Company’s shares price fell $2.46, or 21.41%, to close at $9.03 on May 12, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: CONTACT: Robert S. Willoughby Pomerantz LLP [email protected]
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