BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased Prothena Corporation plc (“Prothena” or the “Company”) (NASDAQ: PRTA) securities October 15, 2015 and April 20, 2018, inclusive (the “Class Period”). Prothena investors have until July 16, 2018 to file a lead plaintiff motion.
Investors that suffered losses on their Prothena investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On October 15, 2015, Prothena disclosed 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 announced it was ending development of NEOD001 after its Phase 2b PRONTO trial failed to reach either its primary or secondary endpoints. On this news, shares of Prothena fell $25.34, or nearly 69%, to close at $11.50 on April 23, 2018, thereby injuring investors.
The complaint filed in this class action alleges that, Defendants during the Class Period violated the federal securities laws by: (1) withholding relevant trial data showing that Prothena’s NEOD001, an antibody designed to treat amyloid light chain amyloidosis (“AL amyloidosis”), was not an effective treatment for AL amyloidosis; (2) making misleading comparisons of NEOD001’s “best response” rates against certain prior studies; and (3) touting that Prothena’s ongoing Phase 1/2 study of NEOD001 provided a strong basis for late-stage Phase 2b and Phase 3 studies of NEOD001, even though the full Phase 1/2 study data demonstrated that NEOD001 was not an effective treatment for AL amyloidosis.
If you purchased shares of Prothena during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.