AKRO INVESTOR ALERT: Robbins Geller Rudman & Dowd LLP Files Class Action Lawsuit Against Akero Therapeutics, Inc. and Announces Opportunity for Investors with Substantial Losses to Lead the Akero Class Action Lawsuit
SAN DIEGO, April 26, 2024 (GLOBE NEWSWIRE) -- Robbins Geller Rudman & Dowd LLP announces that it has filed a class action lawsuit seeking to represent purchasers of Akero Therapeutics, Inc. (NASDAQ: AKRO) common stock between September 13, 2022 and October 9, 2023, inclusive (the “Class Period”). Captioned Klobus v. Akero Therapeutics, Inc., No. 3:24-cv-02534 (N.D. Cal.), the Akero class action lawsuit charges Akero and certain of its top executive officers with violations of the Securities Exchange Act of 1934. If you suffered substantial losses and wish to serve as lead plaintiff of the Akero class action lawsuit, please provide your information here: https://www.rgrdlaw.com/cases-akero-therapeutics-inc-class-action-lawsuit-akro.html You can also contact attorney J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected]. Lead plaintiff motions for the Akero class action lawsuit must be filed with the court no later than June 25, 2024. CASE ALLEGATIONS: Akero is a clinical stage biopharmaceutical company focused on advancing its lead product candidate efruxifermin (“EFX”) to provide a new treatment for patients with nonalcoholic steatohepatitis (“NASH”), a serious liver disease. During the Class Period, Akero claimed to be evaluating EFX in two Phase 2 clinical trials in patients with biopsy-confirmed NASH: (i) Akero’s “HARMONY” trial that tested EFX in pre-cirrhotic NASH patients; and (ii) Akero’s “SYMMETRY” trial that purportedly tested EFX in patients with NASH-induced cirrhosis. The Akero class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or 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. It was not until Akero disclosed the study’s 36-week results on October 10, 2023 that the market finally began to learn the truth, with investors suffering substantial losses and damages under the federal securities laws as the price of Akero stock plummeted nearly 70% in response, according to the Akero class action lawsuit. The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud. You can view a copy of the complaint by clicking here. THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Akero common stock during the Class Period to seek appointment as lead plaintiff in the Akero class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Akero class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Akero class action lawsuit. An investor’s ability to share in any potential future recovery of the Akero class action lawsuit is not dependent upon serving as lead plaintiff. ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm was ranked #1 on the ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller topped the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information: https://www.rgrdlaw.com/services-litigation-securities-fraud.html Attorney advertising. Past results do not guarantee future outcomes. Services may be performed by attorneys in any of our offices. Contact: Robbins Geller Rudman & Dowd LLP J.C. Sanchez, Jennifer N. Caringal 655 W. Broadway, Suite 1900, San Diego, CA 92101 800-449-4900 [email protected]
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