SAN DIEGO, Dec. 08, 2020 (GLOBE NEWSWIRE) -- National law firm Barr Law Group is investigating the actions of the officers and board of directors of EQT Corporation, Zynerba Pharmaceuticals, Inc., Nektar Therapeutics, and Fiduciary/Claymore Energy Infrastructure Fund. If you are a current owner of shares of any of these stocks, contact leo@barrlaw.com or call (619) 400-4966.
EQT Corporation (NYSE: EQT) Accused of Misleading Investors
On December 2, 2020, Judge Robert J. Colville of the United States District Court for the Western District of Pennsylvania issued an order denying the defendants’ motion to dismiss in the pending securities class action, paving the way for litigation to proceed. According to the complaint against EQT Corporation for alleged violations of the Securities Exchange Act of 1934 between June 19, 2017 and October 24, 2018, EQT executives repeatedly reassured investors of the synergies captured following the June 2017 acquisition of gas producer Rice Energy Inc. EQT touted the beneficial synergies of overlapping the two companies' operations, stating that the contiguity of the companies' acreages would "drive higher capital efficiency through longer laterals." However, in July 2017, activist investor JANA Partners LLC disclosed that it acquired a 6% equity stake in EQT and that the Rice merger synergies were "grossly exaggerated." JANA went on to include that there was "not enough undrilled contiguous acreage blocks to enable dramatic improvement in lateral length" and that the maps EQT used to tout the synergy benefits were "blatantly deceptive." EQT repeatedly denied the assertions and continued to assure investors of the viability of the acquisition. Then, in October 2018, EQT's assurances proved to be materially false and misleading when its third-quarter financial results revealed an increase in the period's overall costs and a reduction in EQT's full-year forecast for 2018. On this news, EQT shares fell from $40.46 to $31.00 per share, less than half of what the company was worth when the acquisition closed in November 2017. The stock has yet to recover. The stock is currently trading around $14 a share. To learn more about this investigation and your rights, visit: http://barrlaw.com/investor-contact. Representation is contingency based, no out of pocket costs.
Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE) Accused of Misleading Investors
On November 25, 2020, Judge Nitza I. Quiñones Alejandro of the United States District Court for the Eastern District of Pennsylvania issued an order denying the defendants’ motion to dismiss in the pending securities class action, paving the way for litigation to proceed. According to the complaint against Zynerba Pharmaceuticals, Inc. for alleged violations of the Securities Exchange Act of 1934 between March 11, 2019 and September 17, 2019, Zynerba executives misled investors regarding risks and issues with Zygel. According to the complaint, in April 2018, Zynerba began Phase 2 of its BELIEVE 1 Trial designed to evaluate the efficacy and safety of Zygel in children and adolescents with developmental and epileptic encephalopathies ("DEE"). On March 11, 2019, Zynerba filed its Annual Report on Form 10-K with the SEC, which reported no adverse events in patients and touted Zygel's ability to treat patients suffering from DDE due to the "anticonvulsant effects of CBD…shown in multiple in vivo models of epilepsy and clinical trials conducted by third parties." These representations were then reiterated in a June 2019 investor presentation and in later quarterly reports filed with the SEC. Despite no disclosure of distinct risks or issues with Zygel in these reports, on September 18, 2019, Zynerba issued a press release revealing that 96% of Zygel's patients experienced a treatment emergent adverse event, 60% of patients experienced a treatment related adverse event, and 10 patients reported a serious adverse event. On this news, Zynerba's stock price fell $2.46, or almost 22%, to close at $8.84 per share and has yet to recover. The stock is currently trading around $4 a share. To learn more about this investigation and your rights, visit: http://barrlaw.com/investor-contact. Representation is contingency based, no out of pocket costs.
Nektar Therapeutics (NASDAQ: NKTR) Accused of Misleading Investors
Barr Law Group is investigating Nektar Therapeutics regarding possible breaches of fiduciary duties and other violations of law by the company’s officers and directors. Investors filed a class action complaint against the company for alleged violations of the Securities Exchange Act of 1934. According to the complaint, Nektar touted to investors that NKTR-214 was a promising new universal cancer treatment drug. Nektar further asserted that it could improve the drug by adding polyethylene glycol molecules to IL-2, a process known as "pegylating," to extend the half-life and reduce side effects. To investors' surprise, on October 1, 2018, a report published by Plainview LLC claimed that NKTR-214 did not live up to Nektar's claims and expectations for the drug's safety and efficacy. The report revealed that Nektar had withheld 69% of response rates on dosed patients in its PIVOT study "in an unprecedented level of data opacity." In addition, the report alleged that pegylation impaired the efficacy of NKTR-214, rendering it "completely useless for treating cancer." On this news, Nektar's stock price fell over 9% over the following two trading sessions to close at $55.33 on October 2, 2018, and continues to decline. The stock is currently trading around $17 a share. To learn more about this investigation and your rights, visit: http://barrlaw.com/investor-contact. Representation is contingency based, no out of pocket costs.
Fiduciary/Claymore Energy Infrastructure Fund (NYSE: FMO)
Barr Law Group is investigating Fiduciary/Claymore Energy Infrastructure Fund regarding possible breaches of fiduciary duties and other violations of law, including securities claims on behalf of shareholders. To learn more about this investigation and your rights, visit: http://barrlaw.com/investor-contact. Representation is contingency based, no out of pocket costs.
Concerned shareholders are encouraged to contact Leo Kandinov to learn more:
leo@barrlaw.com
(619) 400-4966
www.barrlaw.com
Barr Law Group is a boutique law firm consisting of highly experienced and specialized litigators who represent investors in securities litigation and corporate governance matters. The firm would be happy to further discuss this matter, and any legal rights or remedies potentially available to you, at no charge.
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Contact:
Leo Kandinov, Partner
leo@barrlaw.com
619-400-4966
501 W Broadway Suite 800
San Diego, CA 92101
www.barrlaw.com