Keryx Biopharmaceuticals, Inc. (KERX)

(NasdaqCM: KERX)

SUMMARY

 
 

Faruqi & Faruqi, LLP Files Class Action Lawsuit Against Keryx Biopharmaceuticals, Inc. -- KERX

Notice is hereby given that Faruqi & Faruqi, LLP has filed a class action lawsuit in the United States District Court for the Southern District of New York, case no. 13 Civ. 0755, on behalf of all persons who purchased Keryx Biopharmaceuticals, Inc. (“Keryx” or the “Company”) (NASDAQ CM: KERX) securities between June 1, 2009 and April 1, 2012 inclusive (the “Class Period”).

Keryx and its Chief Executive Officer Ron Bentsur are alleged to have violated Section 10(b) and/or 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.  Specifically, the complaint alleges that defendants mislead investors about the timing and success of Keryx’s clinical trial that tested whether the drug perifosine was effective in treating late stage colorectal cancer.

On April 2, 2012, Keryx announced the top-line data from the perifosine X-PECT Phase 3 Clinical Trial. The Company revealed that the trial for refractory advanced colorectal cancer did not meet the primary endpoint of improving overall patient survival versus capecitabine and a placebo. On this disappointing news, Keryx share price plummeted from $4.98 on March 30, 2012 to $1.74 on April 2, 2012 – a decline of roughly 65%.

 
 

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Case:Keryx Biopharmaceuticals, Inc. (KERX)
 
 
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Contact Counsel

Richard W. Gonnello

Faruqi & Faruqi, LLP
369 Lexington Avenue 10th Floor
New York, NY 10017
Tel: (212) 983-9330
Email:  rgonnello@faruqilaw.com

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