The complaint is brought on behalf of all purchasers of Keryx securities between February 25, 2016 and July 29, 2016, for alleged violations of the Securities Exchange Act of 1934 by Keryx’s officers and directors. Keryx is a biopharmaceutical company that focuses on providing therapies for patients with renal disease in the United States. Its product, Auryxia, is an oral, absorbable iron-based compound designed to control serum phosphorous levels in patients with chronic kidney disease on dialysis. Securities and Exchange Commission and issued multiple press releases touting Auryxia’s solid foundation and positive forward-looking guidance about the company’s financial outlook. The company elaborated, “For 2016, we expect prescription volume to increase between 20 percent and 35 percent on a sequential quarter basis, ramping as we realize the full impact of our expanded sales force.” The company further stated, “[O]ur top priorities for this year are to increase adoption of Auryxia in the dialysis setting, submit a regulatory application seeking label expansion, and prepare for potential launch in 2017 in the new indication.” However, the complaint alleges that Keryx officials failed to disclose that: (i) the company was experiencing production-related difficulties in converting active pharmaceutical ingredient (“API”) to finished drug product; (ii) the foregoing difficulties were resulting in decreased production yields of finished drug product; and (iii) consequently, the company would exhaust its reserve of finished drug product. On August 1, 2016, Keryx disclosed that an interruption in the supply of Auryxia tablets was going to occur due to a production-related issue concerning API at its contract manufacturer. The company further stated that current inventories of Auryxia are not sufficient to ensure uninterrupted patient access to the medicine, and that it expects to make Auryxia available to patients when the supply is back to moved here adequate levels, likely in the fourth quarter of 2016. On this news, Keryx stock fell $2.64 per share, or 35.8%, to close at $4.72 per share on August 1, 2016. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com , or via the shareholder information form on the firm’s website. Robbins Arroyo the original source 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.
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ADVERTISEMENT …………………. Lotfi earned about $34,000 a year for his legislative job, but state records show his company called BrandFire Consulting has brought in another $153,000 over the current two-year election cycle. Lotfi said he was told by Connie Ridley, the director of legislative administration, that he was “making too much money” from his consulting efforts. Lotfi said much of the money paid to his consulting firm went to pay other staffers and for ads. BrandFire’s top client was GOP Rep. Jeremy Durham, who lost his primary earlier this month after the release of an attorney general’s report detailing allegations of improper sexual interactions with 22 women. Other customers include state Sen. Mark Green, Rep. Sheila Butt and Holt. Green and House Speaker Beth Harwell are potential rivals for the Republican nomination to succeed term-limited Gov.
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