Nektar investors may receive additional information about the case by clicking the link "Submit Your Information" above.
According to the complaint, Nektar is a research-based biopharmaceutical company that discovers and develops innovative medicines in areas of high unmet medical need. Nektar’s research and development pipeline of new investigational drugs includes treatments for cancer, autoimmune disease and chronic pain. NKTR-214, Nektar’s lead immune-oncology candidate, is a biologic with biased signaling through one of the IL-2 receptor subunits (CD 122) that can stimulate proliferation and growth of tumor-killing immune cells in the tumor micro-environment and increase expression of PD-1 on these immune cells.
The Class Period commences on November 11, 2017, when Nektar issued a press release announcing “First Data for NKTR-214 in Combination with OPDIVO® (nivolumab) for Patients with Stage IV Melanoma, Renal Cell Carcinoma and Non-Small Cell Lung Cancers, Including Patients with PD-L1 Negative Status, Revealed at SITC 2017”.
According to the complaint, on October 1, 2018, Plainview LLC (“Plainview”) published a report entitled “NKTR-214: Pegging the Value at Zero”. The report addressed the efficacy of Nektar’s lead clinical-stage drug NKTR-214, which Nektar touted as “a promising treatment for cancer, particularly in combination with checkpoint inhibitors.” The Plainview report stated that “Nektar hypothesized that IL-2 [a naturally occurring cytokine] could be improved by adding polyethylene glycol molecules to it (pegylating it) to extend the half-life and block interaction with” a specific receptor, but that “[u]nfortunately, the anticipated benefits did not materialize and pegylation has proved to be a drag on efficacy.” The Plainview report asserted that the core concept of Nektar’s plan to develop NKTR-214 into “a new universal cancer treatment” “has never worked in practice”, and further asserted that Nektar’s decision to only disclose certain trial results represented “an unprecedented level of data opacity.”
Following this report, Nektar’s stock price fell $5.63 per share, or 9.24%, over the following two trading sessions, closing at $55.33 per share on October 2, 2018.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (i) prior studies which attempted to pegylate IL-2 failed; (ii) NKTR-214’s extended half-life was unlikely to result in efficacy and created additional high-dosing safety concerns; (iii) NKTR-214 was less effective than IL-2 alone; (iv) the combination of NKTR-214 with nivolumab has not yet demonstrated significant positive results; and (v) as a result, Nektar’s public statements as set forth above were materially false and misleading at all relevant times.
If you are a member of the class described above, you may no later than December 31, 2018 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Returning any form or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.
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