Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Athira Pharma, Inc. (ATHA)
LOS ANGELES--(BUSINESS WIRE)--Jun 29, 2021--
Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming August 24, 2021 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Athira Pharma, Inc. (“Athira” or the “Company”) (NASDAQ: ATHA ): (a) common stock pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s September 2020 initial public offering (“IPO” or the “Offering”); and/or (b) securities between September 18, 2020 and June 17, 2021, inclusive (the “Class Period”).
If you suffered a loss on your Athira investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/athira-pharma-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at email@example.com to learn more about your rights.
Athira is a late-stage clinical biopharmaceutical company that is focused on developing small molecules to restore neuronal health and stop neurodegeneration.
On June 17, 2021, after the market closed, Athira announced that it had placed its president and Chief Executive Officer, Dr. Leen Kawas (“Kawas”), on leave pending a review of actions stemming from doctoral research she conducted while at Washington State University (“WSU”).
The same day, STAT published an article stating that WSU was investigating claims that Dr. Kawas “published several papers containing altered images while she was a graduate student.” These papers “are foundational to Athira’s efforts to treat Alzheimer’s” because they “established that a particular molecule affects the activity of HGF.” Though Athira is developing a different molecule than the one Kawas examined in the papers at issue, her “doctoral work laid the biological groundwork that Athira continues to use in their approach to treating Alzheimer’s.”
On this news, the Company’s share price fell $7.09, or approximately 39%, to close at $11.15 per share on June 18, 2021, on unusually heavy trading volume.
By the commencement of this action, the Company’s stock was trading as low as $10.34 per share, a nearly 40% decline from the $17 per share IPO price.
The Registration Statement was materially false and misleading and omitted to state: (1) that Kawas had published research papers containing improperly altered images while she was a graduate student; (2) that this purported research was foundational to Athira’s efforts to develop treatments for Alzheimer’s because it laid the biological groundwork that Athira was using in its approach to treating Alzheimer’s; (3) that, as a result, Athira’s intellectual property and product development for the treatment of Alzheimer’s were based on invalid research; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
If you purchased or otherwise acquired Athira common stock pursuant and/or traceable to the IPO and/or securities during the Class Period, you may move the Court no later than August 24, 2021 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com:https://www.businesswire.com/news/home/20210629005307/en/
CONTACT: Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES
SOURCE: Glancy Prongay & Murray LLP
Copyright Business Wire 2021.
PUB: 06/29/2021 12:30 PM/DISC: 06/29/2021 12:32 PM