Nektar Therapeutics (Nasdaq: NKTR)
A class action has been filed in the United States District Court for the Northern District of California on behalf of purchasers of Nektar Therapeutics (Nasdaq: NKTR) securities during the period between February 15, 2019 to August 8, 2019, (the “Class Period”).
The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements and/or failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose that the Company was not in compliance with current good manufacturing practices and, as a consequence, batches of NKTR-214 were not being produced consistently, which caused the clinical results from the PIVOT-02 study to differ based on the batch of NKTR-214 used. This lack of consistency in the batches of NKTR-214 resulted in the failure of the PIVOT-2 study to produce statistically significant results that would support a finding of clinical benefit. As a result of this information being withheld from the market, Nektar securities traded at artificially inflated prices during the Class Period, allowing certain of the defendants to sell their personally held Nektar stock at prices as high as $43.20 per share for proceeds of more than $13 million.
Then on August 8, 2019, after the market closed, the Company revealed that a manufacturing issue had caused 2 batches of NKTR-214 to differ from the other 20 batches that were produced. Moreover, these batches resulted in variable clinical benefit than the other batches used in the Company’s PIVOT-02 clinical trial. On this news, the Company’s stock price fell $8.65 per share, or nearly 30%, to close at $20.92 per share on August 9, 2019.
If you are a current shareholder and/or purchased stock during the period between February 15, 2019 to August 8, 2019, and would like to discuss your options of exercising your rights as a shareholder, please contact us.
Please submit the following information so we can determine if you qualify for the suit. If you don't know all the specific details, partial information is also acceptable.