Kessler Topaz Meltzer & Check, LLP: Securities Fraud Class Action Filed Against Nektar Therapeutics - NKTR
RADNOR, Pa., Nov. 9, 2018 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP alerts investors that a securities fraud class action lawsuit has been filed against Nektar Therapeutics (Nasdaq: NKTR) ("Nektar") on behalf of purchasers of Nektar securities between November 11, 2017 through October 2, 2018, inclusive (the "Class Period").
Investors who purchased Nektar securities during the Class Period may, no later than December 31, 2018, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this action please visit www.ktmc.com/nektar-securities-class-action
According to the complaint, Nektar is a research-based biopharmaceutical company that discovers and develops innovative medicines in areas of high unmet medical need. Nektar's research and development pipeline of new investigational drugs includes treatments for cancer, autoimmune disease and chronic pain. NKTR-214 is Nektar's lead immune-oncology candidate.
The Class Period commences on November 11, 2017, when Nektar issued a press release announcing "First Data for NKTR-214 in Combination with OPDIVO® (nivolumab) for Patients with Stage IV Melanoma, Renal Cell Carcinoma and Non-Small Cell Lung Cancers, Including Patients with PD-L1 Negative Status, Revealed at SITC 2017".
According to the complaint, on October 1, 2018, Plainview LLC ("Plainview") published a report entitled "NKTR-214: Pegging the Value at Zero". The report addressed the efficacy of Nektar's lead clinical-stage drug NKTR-214, which Nektar touted as "a promising treatment for cancer, particularly in combination with checkpoint inhibitors." The Plainview report stated that "Nektar hypothesized that IL-2 [a naturally occurring cytokine] could be improved by adding polyethylene glycol molecules to it (pegylating it) to extend the half-life and block interaction with" a specific receptor, but that "[u]nfortunately, the anticipated benefits did not materialize and pegylation has proved to be a drag on efficacy." The Plainview 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."
Following this report, Nektar's stock price fell $5.63 per share, or 9.24%, over the following two trading sessions, closing at $55.33 per share on October 2, 2018.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (i) prior studies which attempted to pegylate IL-2 failed; (ii) NKTR-214's extended half-life was unlikely to result in efficacy and created additional high-dosing safety concerns; (iii) NKTR-214 was less effective than IL-2 alone; (iv) the combination of NKTR-214 with nivolumab has not yet demonstrated significant positive results; and (v) as a result, Nektar's public statements as set forth above were materially false and misleading at all relevant times.
Nektar investors who wish to discuss this securities fraud class action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (James Maro, Jr., Esq. or Adrienne Bell, Esq.) at (888) 299-7706 or at [email protected].
Nektar investors may, no later than December 31, 2018, 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. Returning any form or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case.
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.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
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SOURCE Kessler Topaz Meltzer & Check, LLP