Faruqi & Faruqi, LLP investigates claims on behalf of Akero Therapeutics investors by Investing.com
NEW YORK, June 21, 2024 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading securities law firm, is investigating potential claims against Akero Therapeutics (NASDAQ: ), Inc. (Akero or the Company) (NASDAQ: AKRO ) is also reminding investors of the June 25, 2024 deadline to seek the role of lead plaintiff in a federal securities class action filed against the Company.
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Over $75,000 in Akero to Contact Him Directly to Discuss Their Options.
If you lost more than $75,000 investing in Akero stock or options between September 13, 2022 and October 9, 2023 and would like to discuss your legal rights, call a Faruqi & Faruqi partner Josh Wilson directly of 877-247-4292 or 212-983-9330 (Ext. 1310). You can also click here for more information: www.faruqilaw.com/AKRO.
Faruqi & Faruqi is a leading national security law firm with offices in New York, Pennsylvania, California and Georgia. The company has returned hundreds of millions of dollars to investors since it was founded in 1995. Check out www.faruqilaw.com.
Akero is a clinical-stage biopharmaceutical company focused on developing its lead product candidate efruxifermin (EFX) to provide a new treatment for patients with nonalcoholic steatohepatitis (NASH), a chronic liver disease. During the Class Period, Akero said it is testing EFX in two Phase 2 clinical trials in patients with biopsy-proven NASH: (i) Akero’s HARMONY trial tested EFX in pre-compressed NASH patients; and (ii) Akero’s SYMMETRY trial that purportedly evaluated EFX in patients with NASH-induced cirrhosis.
As described below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) approximately 20% of patients enrolled in the SYMMETRY study had cryptogenic cirrhosis. and did not have definite NASH at baseline; (ii) cryptogenic cirrhotic patients included in the SYMMETRY study did not have biopsy-proven cirrhosis compensated for by definite NASH; (iii) the results from cryptogenic cirrhosis patients had to be excluded from the calculation of the NASH decision at the second end; (iv) Akero introduced a confounding factor into the design of the SYMMETRY study, which significantly affected the potential results of the study and increased the risk that the study would fail to meet its primary endpoint; (v) the SYMMETRY study did not comply with US Food & Drug Administration guidelines for drug testing in the treatment of NASH cirrhotics because Akero did not rule out potential causes of each patient’s constipation other than NASH; and (vi) as a result, Akero materially misrepresented the nature of the SYMMETRY trial, its utility in supporting any new drug application, the likelihood that the SYMMETRY trial would be successful as measured by its primary endpoint, and the likelihood that EFX would become a commercial treatment of NASH cirrhotics.
On October 10, 2023, Akero posted disappointing interim data from its Phase 2b SYMMETRY study of its lead candidate efruxifermin (“EFX”) in patients with non-alcoholic steatohepatitis (“NASH”). Specifically, the Company said 22% (28mg) and 24% (50mg) of those on EFX and 14% on placebo showed at least one grade of fibrosis improvement without NASH worsening at week 36, the conclusion main study, but these changes were not statistically significant. In addition, Akero added that 12 patients, including 11 in the EFX group, dropped out of the study due to drug-related adverse events.
On this news, Akero’s stock price fell $30.39 per share, or 62.61%, to close at $18.15 per share on October 10, 2023.
A court-appointed lead plaintiff is an investor with a substantial financial interest in the relief sought by the class that is adequate and common to class members directing and presiding over litigation on behalf of the class action. Any member of the forbearance class may move the Court to act as lead plaintiff through counsel of their own choosing, or they may choose to do nothing and remain a non-class member. Your ability to participate in any recovery is not affected by the decision to serve as the lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information about Akero’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about Akero Therapeutics class action, go to www.faruqilaw.com/AKRO or call Faruqi & Faruqi partner Josh Wilson directly of 877-247-4292 or 212-983-9330 (Ext. 1310).
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