||United States District Court for the Northern District of California
||The Hon. Haywood Stirling Gilliam Jr.
||Between January 10, 2017 and September 28, 2018
On October 30, 2018, the initial complaint in this securities class action was filed against Nektar Therapeutics (“Nektar” or the “Company”), and certain of Nektar’s directors and officers, asserting violations of sections 10(b) and 20(a) of the Securities Exchange Act.
The complaint alleged that throughout the class period, the defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, 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.
This securities class action case was brought on behalf of those who purchased or otherwise acquired Nektar common stock between January 10, 2017 and September 28, 2018, inclusive.
Current Status of Case:
On July 13, 2020, the Court granted the defendants’ motion to dismiss the lead plaintiffs’ amended complaint without prejudice and with leave to amend. On August 10, 2020, the lead plaintiffs filed a second consolidated amended complaint. The defendants filed a motion to dismiss the second consolidated amended complaint on September 17, 2020 and that motion has now been fully briefed before the Court pending its decision.
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