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AKRO.US
id: 1206
Akero Therapeutics (AKRO) Disappointing Drug Trial Results Case
N.D. California
Court4:24-cv-02534
Case number13 Sept 2022
Class period Start09 Oct 2023
Class period End25 Jun 2024
Lead Plaintiff motion deadline- $AKRO stockholder filed a claim vs. Akero Therapeutics for misrepresenteing the SYMMETRY trial, its prospects, and EFX's potential as a NASH treatment.
- On October 10, 2023, news about the drug trial caused $AKRO to fall 62%, losing $2.1B+ in shareholder value.
- Affected $AKRO investors may join the claim to be notified about potential recovery.
On October 10, 2023, Akero shared disappointing results from its NASH drug trial.
Results showed no significant improvement in fibrosis or NASH compared to placebo at week 36, with 12 patients discontinuing due to adverse events.
This news caused $AKRO to fall nearly 70% in two days.
Based on these events, $AKRO stockholder filed a claim against Akero and its leaders, accusing them of the following:
- Around 20% of patients in the SYMMETRY study had cryptogenic cirrhosis without clear NASH.
- Results from these patients were not considered in measuring NASH resolution.
- Akero's decision to include these patients could affect the study's outcome and its ability to meet goals.
- The study didn't follow FDA guidelines as it didn't rule out other causes of cirrhosis in patients.
Considering all the representations, investors have reasons to suspect that Akero misrepresented the SYMMETRY trial, its prospects, and EFX's potential as a NASH treatment.
One of AKRO's investors has already filed a claim vs. Akero Therapeutics in the N. D. of California court.
Case Status
Lead Plaintiff Appointed
Alleged Offence
Mismanagement,
Misleading Statements,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
10 October 2023
Filing date
26 April 2024
Lead Plaintiff Deadline
25 June 2024
Judge
Yvonne Gonzalez Rogers