NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national securities and consumer rights litigation firm, reminds investors that a class action lawsuit has been filed against Prothena Corporation plc (NASDAQ: PRTA) (“Prothena” or the “Company”) and other defendants, related to alleged violations of federal securities laws. If you purchased Prothena stock between October 15, 2015 and April 20, 2018, you are encouraged to contact a Scott+Scott attorney at (844) 818-6982 for additional information. Investors have until July 16, 2018, to move for lead plaintiff.
Prothena is a biotechnology company.
The lawsuit alleges that Prothena misled investors regarding its development of NEOD001, an antibody designed to treat AL amyloidosis, a debilitating disease that can lead to organ failure and death. Specifically, 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. In truth, NEOD001 was not an effective treatment for AL amyloidosis and did not provide an adequate basis for late-stage Phase 2b and Phase 3 studies.
On April 23, 2018, before the market opened, Prothena announced that it was ending all development of NEOD001 after data from its Phase 2b PRONTO trial showed that NEOD001 failed to reach either its primary or secondary endpoints.
On this news, the price of Prothena stock fell from its close price of $36.84 per share on April 20, 2018, to close at $11.50 per share on April 23, 2018, a drop of over 68%.
What You Can Do
If you purchased Prothena shares between October 15, 2015 and April 20, 2018, inclusive, or if you have questions about this notice or your legal rights, please contact attorney Joe Pettigrew at (844) 818-6980, or at firstname.lastname@example.org.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.