NEW YORK, Nov. 8, 2018 /PRNewswire/ — Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Nektar Therapeutics (“Nektar” or the “Company”) (NASDAQ: NKTR) of the December 31, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Nektar stock or options between November 11, 2017 and October 2, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/NKTR. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased Avalanche securities between November 11, 2017 and October 2, 2018 (the “Class Period”). The case, Mulquin v. Nektar Therapeutics et al, No. 18-cv-06607 was filed on October 30, 2018, and has been assigned to Judge Haywood Stirling Gilliam, Jr.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) prior studies which attempted to pegylate IL-2 failed; (2) the extended half-life of NKTR-214, the Company's lead immune-oncology candidate, was unlikely to result in efficacy and created additional high-dosing safety concerns; (3) NKTR-214 was less effective than IL-2 alone; and (4) the combination of NKTR-214 with nivolumab, another oncologic drug, has not yet demonstrated significant positive results.
Specifically, on October 1, 2018, Plainview published a report addressing the efficacy of NKTR-214, which the Company had previously touted as “a promising treatment for cancer, particularly in combination with checkpoint inhibitors.” The report asserted, among other things, that the core concept of Nektar's plan to develop NKTR-214 has “never worked in practice.” The report also criticized Nektar's decision to only disclose certain trial results as representing “an unprecedented level of data opacity.”
Following the publication of this report, Nektar's share price fell from $60.96 per share on September 28, 2018 to a closing price of $55.33 on October 2, 2018—a $5.63 or a 9.24% drop over two trading days.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Nektar's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
SOURCE Faruqi & Faruqi, LLP