Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, June 11, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Akero Therapeutics, Inc. ("Akero" or the “Company”) (NASDAQ: AKRO) investors that a class action has been filed on behalf of investors. Akero investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
Akero is a clinical-stage drug development company that has yet to generate any revenue as the FDA has not approved any of its drug candidates for sale. To finance its operations, Akero conducted two secondary stock offerings and one at-the-market stock offering during the Class Period, raising over $577 million. A key part of securing this funding was the development and commercialization of EFX, Akero's lead product candidate, intended to treat Nonalcoholic steatohepatitis ("NASH"), a severe form of nonalcoholic fatty liver disease affecting an estimated 17 million Americans.
The Class Period begins on September 13, 2022, when Akero filed a Form 8-K with the SEC reporting the 24-week results of its Phase 2b HARMONY study of EFX in patients with pre-cirrhotic NASH. The Form 8-K and the attached press release stated that both the 50 milligram and 28 milligram doses of EFX achieved statistical significance on primary and secondary histology endpoints after 24 weeks.
Two days later, on September 15, 2022, Akero filed a prospectus supplement with the SEC for a secondary offering of Akero common stock. The company eventually sold over 8.8 million shares at $26 per share, raising approximately $230 million in gross proceeds.
During the Class Period, the defendants repeatedly misled investors about the true nature of the patient population being tested in Akero's SYMMETRY study. Despite claims that the study's patient population was limited to those with NASH-induced cirrhosis, a fact crucial for data integrity and study success, Akero had not confirmed that approximately 20% of the patients had NASH, or that NASH caused their cirrhosis.
On October 10, 2023, Akero shocked the market by posting disappointing interim data from its Phase 2b SYMMETRY trial for EFX. Specifically, Akero reported that 22% (28mg) and 24% (50mg) of those on EFX, and 14% on placebo, showed at least one stage improvement in fibrosis with no worsening of NASH at week 36, the trial's primary endpoint, but these changes were not statistically significant. Additionally, 12 patients, including 11 in EFX groups, discontinued the trial due to drug-related adverse events. Following this news, Akero's stock price fell by $30.39 per share, or 62.61%, closing at $18.15 per share on October 10, 2023.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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