Robbins Arroyo LLP: Nektar Therapeutics (NKTR) Misled Shareholders According to Class Action
SAN DIEGO & SANTA CLARA, Calif.--(BUSINESS WIRE)--Nov 9, 2018--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Nektar Therapeutics. (NASDQ: NKTR) have filed a class action complaint against the company’s officers and directors for alleged violations of the Securities Exchange Act of 1934 between November 11, 2017 through October 2, 2018. Nektar discovers and develops innovative medicines in areas of high unmet medical needs. The company’s lead clinical-stage drug is NKTR-214.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/nektar-therapeutics/
Nektar Accused of Misrepresenting the Viability of its Drug NKTR-214
According to the complaint, NKTR-214 is a modified version of cytokine IL-2. Nektar hypothesized that it could improve IL-2 – which had been approved for treating cancer in 1992, but has limitations – by adding polyethylene glycol molecules to it to extend the half-life and cause fewer side effects than IL-2 alone. On November 11, 2017, Nektar issued a press release touting the viability of NKTR-214 and announcing its active enrollment of patients in the next phase of the trial. On March 1, 2018, in announcing its financial results for the fourth quarter and year ended December 31, 2017, Nektar noted that its year was “truly transformative … as we achieved a number of successes…” and noted the advances it had made in relation to the NKTR-214 trial. Nektar continued to make these representations until Plainview LLC published a report on October 1, 2018, addressing the efficacy of NKTR-214. The report asserted that the core concept of Nektar’s plan to develop NKTR-214 into “a new universal cancer treatment” “has never worked in practice,” and further asserted that Nektar’s decision to only disclose certain trial results represented “an unprecedented level of data opacity.” Nektar’s stock price fell $5.63 per share, or over 9%, over the following two trading session to close at $55.33 per share on October 2, 2018, and continues to decline.
Nektar Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Sign up for our FREE portfolio monitoring service, Stock Watch.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20181109005616/en/
CONTACT: Robbins Arroyo LLP
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SOURCE: Robbins Arroyo LLP
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PUB: 11/09/2018 06:52 PM/DISC: 11/09/2018 06:52 PM