RADNOR, Pa.--(BUSINESS WIRE)--The law firm of Kessler Topaz Meltzer & Check, LLP reminds Nektar Therapeutics (NASDAQ: NKTR) (“Nektar”) investors that a securities fraud class action lawsuit has been filed on behalf of those who purchased or otherwise acquired Nektar securities between February 15, 2019 and August 8, 2019, inclusive (the “Class Period”).
REMINDER: Investors who purchased Nektar securities during the Class Period may, no later than October 18, 2019, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please visit ktmc.com/newcases/nektar.
According to the complaint, Nektar is a biopharmaceutical company that develops medicines in areas of high unmet medical need, including therapies for cancer, autoimmune disease, and chronic pain. Nektar’s lead immuno-oncology candidate is NKTR-214, also known as bempegaldesleukin or bempeg; it is a biologic substance developed to stimulate proliferation and growth of tumor-killing immune cells in the tumor-micro-environment. In the PIVOT-02 clinical study, Nektar evaluates the benefit, safety, and tolerability of combining NKTR-214 with Opdivo, an antibody, in collaboration with Bristol-Meyers Squibb Company.
The Class Period commences on February 15, 2019. On that day, Nektar presented clinical data from the PIVOT-02 Study at the 2019 ASCO Genitourinary Cancers Symposium.
According to the complaint, on August 8, 2019, after the market closed, Nektar revealed that a manufacturing issue caused two batches of bempegaldesleukin to differ from the other 20 batches that were produced. Moreover, these batches resulted in variable clinical benefit than other batches used in Nektar’s PIVOT-02 clinical trial.
Following this news, Nektar’s share price fell $8.65, or nearly 30%, to close at $20.92 per share on August 9, 2019.
The complaint alleges that, throughout the Class Period, the defendants failed to disclose to investors that: (1) Nektar did not comply with current good manufacturing practices; (2) as a result, batches of NKTR-214 were not produced consistently and differed meaningfully; (3) clinical results from PIVOT-02 differed based on the batch of NKTR-214 used in the study; (4) as a result, the PIVOT-02 study did not produce statistically significant results to support a finding of clinical benefit; and (6) as a result of the foregoing, the defendants’ positive statements about Nektar’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Investors who wish to discuss this securities fraud class action lawsuit and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (James Maro, Jr., Esq. or Adrienne Bell, Esq.) at (844) 887-9500 (toll free) or at firstname.lastname@example.org.
Nektar investors may, no later than October 18, 2019, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.