A lawsuit was filed on behalf of investors in Akebia Therapeutics, Inc. (NASDAQ:AKBA) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 03/30/2022 -- An investor, who purchased shares of Akebia Therapeutics, Inc. (NASDAQ: AKBA), filed a lawsuit over alleged violations of Federal Securities Laws by Akebia Therapeutics, Inc.
Investors who purchased shares of Akebia Therapeutics, Inc. (NASDAQ: AKBA) have certain options and for certain investors are short and strict deadlines running. Deadline: May 13, 2022. NASDAQ: AKBA investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
Cambridge, MA based Akebia Therapeutics, Inc., a biopharmaceutical company, focuses on the development and commercialization of renal therapeutics for patients with kidney diseases.
Shares of Akebia Therapeutics, Inc. (NASDAQ: AKBA) declined from $31.00 per share in June 2014 to as low as $2.09 per share in October 2020.
Akebia is a biopharmaceutical company that focuses on the development and commercialization of renal therapeutics for patients with kidney diseases. The Company's lead investigational product candidate is vadadustat, an oral therapy, which is in Phase 3 development for the treatment of anemia due to chronic kidney disease ("CKD") in dialysis-dependent and non-dialysis dependent ("NDD") adult patients.
Akebia's Phase 3 clinical programs for vadadustat include, among others, the PRO2TECT program in NDD-CKD patients with anemia (the "PRO2TECT Program"). The PRO2TECT Program's primary safety endpoint was defined as non-inferiority of vadadustat versus darbepoetin alfa in time to first occurrence of major adverse cardiovascular events ("MACE").
On September 3, 2020, Akebia issued a press release announcing "top-line results" from the PRO2TECT Program, disclosing that "[v]adadustat did not meet the primary safety endpoint of the PRO2TECT program, defined as non-inferiority of vadadustat versus darbepoetin alfa in time to first occurrence of [MACE.]"
On this news, Akebia's common stock price fell $7.35 per share, or 73.5%, to close at $2.65 per share on September 3, 2020.
According to the complaint the plaintiff alleges on behalf of purchasers of Akebia Therapeutics, Inc. (NASDAQ: AKBA) common shares between June 28, 2018 and September 2, 2020, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between June 28, 2018 and September 2, 2020, the Defendants made false and/or misleading statements and/or failed to disclose that vadadustat was not as safe in treating NDD-CKD patients with anemia as Defendants had represented, that as a result, Defendants overstated the PRO2TECT Program's clinical prospects, that accordingly, Defendants also overstated vadadustat's overall commercial and regulatory prospects, and that as a result, the Company's public statements were materially false and misleading at all relevant times.
Those who purchased shares of Akebia Therapeutics, Inc. (NASDAQ: AKBA) have certain options and should contact the Shareholders Foundation.
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