NEW YORK, Feb. 8, 2013 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, has filed a class action lawsuit against Keryx Biopharmaceuticals, Inc. ("Keryx" or the "Company") (NasdaqCM: KERX).
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%.Request more information now by clicking here: www.faruqilaw.com/KERX. There is no cost or obligation to you. Take Action If you purchased Keryx stock or options between June 1, 2009 and April 1, 2012 and would like to discuss your legal rights, visit www.faruqilaw.com/KERX. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com or firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Keryx'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.FARUQI & FARUQI, LLP369 Lexington Avenue, 10th Floor New York, NY 10017Attn: Richard Gonnello, Esq. email@example.com Francis McConville, Esq. firstname.lastname@example.orgTelephone: (877) 247-4292 or (212) 983-9330 SOURCE Faruqi & Faruqi, LLP