NEW YORK, Sept. 12, 2019
NEW YORK, Sept. 12, 2019 /PRNewswire/ -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of Nektar Therapeutics ("Nektar" or the "Company") (NASDAQ: NKTR) between February 15, 2019 and August 8, 2019, inclusive (the "Class Period"). The lawsuit filed in the United States District Court for the Northern District of California alleges violations of the Securities Exchange Act of 1934.
If you purchased Nektar securities, and/or would like to discuss your legal rights and options please visit Nektar Shareholder Class Action or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
The complaint filed in this 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. Specifically, Defendants failed to disclose to investors: (1) that the Company did not comply with current good manufacturing practices; (2) that, as a result, batches of NKTR-214 were not produced consistently and differed meaningfully; (3) that clinical results from PIVOT-02 differed based on the batch of NKTR-214 used in the study; (4) that, as a result, the PIVOT-02 study did not produce statistically significant results to support a finding of clinical benefit; and (5) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On August 8, 2019, after the market closed, the Company revealed that a manufacturing issue caused two batches of bempegaldesleukin to differ from the other 20 batches that were produced. Moreover, these batches resulted in variable clinical benefit than other batches used in the Company's PIVOT-02 clinical trial .
On this news, the Company's share price fell $8.65, or nearly 30% to close at $20.92 per share on August 9, 2019.
If you wish to serve as lead plaintiff, you must move the Court no later than October 18, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Nektar securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/nektartherapeutics-nktr-shareholder-class-action-lawsuit-fraud-stock-177/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
View original content to download multimedia:http://www.prnewswire.com/news-releases/nktr-class-action-alert-bernstein-liebhard-llp-announces-the-filing-of-a-securities-class-action-lawsuit-against-nektar-therapeutics-300917372.html
SOURCE Bernstein Liebhard LLP