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Keryx Biopharmaceuticals (NASDAQ: KERX) Investor Securities Class Action Lawsuit 02/01/2013

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Lawsuit Overview

Case Dismissed
Company
Keryx Biopharmaceuticals
Security
NASDAQ: KERX

Case Name
Keryx Biopharmaceuticals Shareholder Class Action Lawsuit 02/01/2013
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
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Summary

February 24, 2014 - The court ordered the case closed.
February 14, 2014 - The court granted the defendants' motion to dismiss.

August 26, 2013 - The defendants' filed a motion to dismiss.

July 10, 2013 - The lead plaintiff filed an amended consolidated complaint.

June 10, 2013 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.

April 2, 2013 - The lead plaintiff motions were filed.

March 11, 2013 - The plaintiff filed an amended complaint.

February 1, 2013 - An investor in shares of Keryx Biopharmaceuticals Inc (NASDAQ: KERX) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities by Keryx Biopharmaceuticals Inc in connection certain allegedly false and misleading statements made between June 1, 2009 and April 1, 2012.

According to the complaint the plaintiff alleges on behalf of all persons who purchased Keryx Biopharmaceuticals Inc (NASDAQ: KERX) securities between June 1, 2009 and April 1, 2012, that Keryx Biopharmaceuticals Inc and its CEO violated the Securities Exchange Act of 1934.

Specifically, the complaint alleges that defendants mislead investors about the timing and success of Keryx Biopharmaceuticals Inc.'s clinical trial that tested whether the drug perifosine was effective in treating late stage colorectal cancer.

On April 2, 2012, before the market opened, Keryx Biopharmaceuticals Inc (NASDAQ: KERX) reported that the Phase 3 X-PECT clinical trial evaluating perifosine (KRX-0401) + capecitabine (Xeloda) in patients with refractory advanced colorectal cancer did not meet the primary endpoint of improving overall survival versus capecitabine + placebo.

Shares of Keryx Biopharmaceuticals Inc (NASDAQ: KERX) dropped from $4.98 per share on Friday, March 30, 2012, to $1.74 per share on Monday, April 2, 2012 and continued to decline to as low as $1.28 per share on April 18, 2012.

On Feb. 1, 2013, NASDAQ: KERX shares closed at $7.11 per share.