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Akari Therapeutics PLC (ADR) (NASDAQ:AKTX) Investor Securities Class Action Lawsuit 05/12/2017

  • If you purchased shares of Akari Therapeutics PLC (ADR) (NASDAQ:AKTX), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Akari Therapeutics PLC
Security
NASDAQ: AKTX

Case Name
Akari Therapeutics Shareholder Class Action Lawsuit 05/12/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
Settlement Notice
Akari_Settlement_08_07_2018.pdf
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Settlement Overview

Date Settled
Date Settled
Settlement Amount
$2,700,000.00

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Summary

November 28, 2018 - The court preliminarily approved the settlement.

August 3, 2018 - A stipulation of settlement was filed by the parties.

May 12, 2017 (Shareholders Foundation) - An investor in shares of Akari Therapeutics PLC (ADR) (NASDAQ:AKTX) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Akari Therapeutics PLC in connection with certain allegedly false and misleading statements made between March 30, 2017, and May 11, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Akari Therapeutics PLC (ADR) (NASDAQ:AKTX) common shares between March 30, 2017, and May 11, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 30, 2017, and May 11, 2017 the defendants failed to disclose that the Company’s CEO, and possibly other executives, were involved in publishing false information about the Company, including false information about the Phase 2 PNH trial of Coversin, that the Company lacked adequate checks and protections to prevent such behavior, and that, as a result of the foregoing, Defendants’ statements about Akari’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

New York based Akari Therapeutics PLC formerly Celsus Therapeutics Plc, is a clinical-stage biopharmaceutical company that is focused on the development and commercialization of treatments for a range of rare and orphan autoimmune and inflammatory diseases caused by dysregulation of complement component 5 (C5), including paroxysmal nocturnal hemoglobinuria, Guillain Barre syndrome and atypical Hemolytic Uremic Syndrome. Shares of Akari Therapeutics PLC (ADR) (NASDAQ:AKTX) rose to as high as $21.86 per share on April 21, 2017.

On May 11, 2017, Akari Therapeutics PLC announced that CEO Dr. Gur Roshwalb has been placed on administrative leave while the Board of Directors reviews whether Dr. Roshwalb had any involvement with the materially inaccurate research report.

Shares of Akari Therapeutics PLC (ADR) (NASDAQ:AKTX) declined to as low as $8.69 per share on May 12, 2017.

Date Settled