AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Shareholder Alert: Robbins LLP Reminds Investors Nektar Therapeutics (NKTR) Sued for Misleading Shareholders

January 10, 2020 GMT

SAN DIEGO & SAN FRANCISCO--(BUSINESS WIRE)--Jan 10, 2020--

Shareholder rights law firm Robbins LLP reminds investors that purchasers of Nektar Therapeutics (NASDAQ: NKTR) filed a derivative complaint 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

If you suffered a loss as a result of Nektar’s misconduct, click here.

Nektar Therapeutics (NKTR) 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 around just $21.50.

Nektar Therapeutics (NKTR) Shareholders Have Legal Options

Contact us to learn more:
Leo Kandinov
(800) 350-6003
lkandinov@robbinsllp.com
Shareholder Information Form

Robbins 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. Click Here to receive free alerts from Stock Watch when companies engage in wrongdoing.

Attorney Advertising. Past results do not guarantee a similar outcome.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200110005512/en/

CONTACT: Leonid Kandinov

Robbins LLP

5040 Shoreham Place

San Diego, CA 92121

LKandinov@robbinsllp.com

(619) 525-3990 or Toll Free (800) 350-6003

www.robbinsllp.com

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Robbins LLP

Copyright Business Wire 2020.

PUB: 01/10/2020 02:32 PM/DISC: 01/10/2020 02:32 PM

http://www.businesswire.com/news/home/20200110005512/en