A lawsuit was filed on behalf of investors in Prothena Corporation plc (NASDAQ: PRTA) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 06/01/2018 -- An investor, who purchased shares of Prothena Corporation plc (NASDAQ: PRTA), filed a lawsuit over alleged violations of Federal Securities Laws by Prothena Corporation plc.
Investors who purchased shares of Prothena Corporation plc (NASDAQ: PRTA) have certain options and for certain investors are short and strict deadlines running. Deadline: July 16, 2018. NASDAQ: PRTA investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
On October 15, 2015, Prothena Corporation plc announced its late-stage Phase 2b "PRONTO" study and expansion of its Phase 1/2 clinical trial for the antibody NEOD001.
On April 23, 2018, Prothena Corporation plc announced that it "is discontinuing development of NEOD001, an investigational antibody that was being evaluated for the treatment of AL amyloidosis."Prothena Corporation plc advised investors that "[b]ased on the results from the Phase 2b PRONTO study, which did not meet its primary or secondary endpoints, the Company asked the independent data monitoring committee (DMC) of the Phase 3 VITAL study to review a futility analysis of the ongoing VITAL study. The DMC recommended discontinuation of the VITAL study for futility." Shares of Prothena Corporation plc (NASDAQ: PRTA) declined to as low as $10.43 per share on April 25, 2018.
The plaintiff claims that between October 15, 2015 and April 20, 2018, Prothena violated the Exchange Act by misleading investors regarding its development of NEOD001, an antibody designed to treat AL amyloidosis, a debilitating disease that can lead to organ failure and death. The plaintiff alleges that between October 15, 2015 and April 20, 2018, defendants misleadingly cited the results of Prothena's ongoing Phase 1/2 clinical study of NEOD001 as evidence that the drug was effective and provided a strong basis for late-stage Phase 2b and Phase 3 studies of NEOD001, while in truth, NEOD001 was not an effective treatment for AL amyloidosis and did not provide an adequate basis for the late-stage Phase 2b and Phase 3 studies.
Those who purchased shares of Prothena Corporation plc (NASDAQ: PRTA) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego