NEW YORK, March 22, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP has filed a class action lawsuit against Keryx Biopharmaceuticals, Inc. ("Keryx" or the "Company") (Nasdaq:KERX) and certain of its officers. The class action filed in United States District Court, Southern District of New York, and docketed under 13-CV-1307, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Keryx between June 1, 2009 and April 1, 2012, both dates inclusive of (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Keryx securities during the Class Period, you have until April 2, 2013 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
Keryx is a biopharmaceutical company focused on the acquisition, development and commercialization of pharmaceutical products.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the timing and success of Keryx's clinical trial that tested whether perifosine was effective in treating late stage colorectal cancer, and the likelihood that perifosine would be approved by the Food and Drug Administration.
On April 2, 2012, the Company disclosed that the Phase 3, X-PECT clinical trial evaluating perifosine "in patients with refractory advanced colorectal cancer did not meet the primary endpoint of improving overall survival versus capecitabine + placebo."
On this news, Keryx shares declined $3.24 per share or 65%, to close at $1.74 per share on April 2, 2012. As a result of defendants' wrongful acts and omissions, and the precipitous decline in the market value of the Company's securities, Plaintiff and other Class members have suffered significant losses and damages.
The Pomerantz Firm, with offices in New York, Chicago, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
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