NEW YORK, Feb. 5, 2013 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC announces that a class action suit was filed in the United States District Court for the Southern District of New York on behalf of purchasers of Kerx Biopharmaceuticals, Inc. ("Keryx" or the "Company") (NASDAQ CM: KERX) securities between June 1, 2009 and April 1, 2012 inclusive (the "Class Period").
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 news, Keryx share price fell from $4.98 or about 65% on March 30, 2012 to $1.74 on April 2, 2012.
The complaint alleges violations of federal securities laws, including issuing a series of material or false misrepresentations to the market, which had the effect of artificially inflating the market price during the Class Period. 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.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email firstname.lastname@example.org. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. April 2, 2013 is the deadline for investors to seek a lead plaintiff appointment.Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.