|Company name||Nektar Therapeutics, Inc.|
NEW YORK, October 15, 2019 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of all investors that purchased Nektar Therapeutics, Inc. (NASDAQ: NKTR) securities between February 15, 2019 and August 8, 2019 (the “Class Period”). Investors have until October 18, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On August 8, 2019, the company revealed that a manufacturing issue caused two batches of bempegaldesleukin to differ from the other twenty batches that were produced. Furthermore, these batches resulted in variable clinical benefit with respect to the other batches used in the Company’s PIVOT-02 clinical trial.
On this news, the Company’s share price fell $8.65, or nearly 30%, to close at $20.92 per share on August 9, 2019.
The complaint, filed on August 19, 2019, alleges that throughout the class period, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that the Company did not comply with current good manufacturing practices; (2) that, as a result, batches of NKTR-214 were not produced consistently and differed meaningfully; (3) that clinical results from PIVOT-02 differed based on the batch of NKTR-214 used in the study; (4) that, as a result, the PIVOT-02 study did not produce statistically significant results to support a finding of clinical benefit; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you purchased or otherwise acquired Nektar shares, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at email@example.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.