SAN DIEGO & SAN FRANCISCO--(BUSINESS WIRE)--
Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Nektar Therapeutics. (NKTR) have filed a shareholder lawsuit against the company's officers and directors for alleged breaches of their fiduciary duties, unjust enrichment, waste of corporate assets, and violations of the Securities Exchange Act of 1934 between November 11, 2017 through the present. Nektar develops drug candidates for cancer, auto-immune disease, and chronic pain in the United States. The company's lead clinical-stage drug is NKTR-214, a modified version of cytokine IL-2
View this information on the law firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/nektar-therapeutics-feb-19/
Nektar Accused of Misrepresenting the Viability of its Drug NKTR-214
According to the complaint, Nektar touted to investors that NKTR-214 was a promising new universal cancer treatment drug. Nektar further asserted that it could improve the drug by adding polyethylene glycol molecules to IL-2, a process known as "pegylating," to extend the half-life and reduce side effects. To investors' surprise, on October 1, 2018, a report published by Plainview LLC claimed that NKTR-214 did not live up to Nektar's claims and expectations for the drug's safety and efficacy. The report revealed that Nektar had withheld 69% of response rates on dosed patients in its PIVOT study "in an unprecedented level of data opacity." In addition, the report alleged that pegylation impaired the efficacy of NKTR-214, rendering it "completely useless for treating cancer." On this news, Nektar's stock price fell over 9% over the following two trading sessions to close at $55.33 on October 2, 2018, and continues to decline, closing today at just $41.69.
Nektar Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Sign up for our FREE portfolio monitoring service, Stock Watch.
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