NEW YORK, Nov. 2, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Keryx Biopharmaceuticals, Inc. ("Keryx" or the "Company") (NasdaqCM: KERX).
The investigation focuses on whether the Company and its executives violated federal securities laws with respect to its disclosures concerning perifosine, an experimental drug that Keryx had been co-developing to treat those suffering from colorectal cancer.
On April 2, 2012, Keryx announced the top-line data from the Perifosine X-PECT Phase 3 Clinical Trial. The Company revealed that the trial for refractory advanced colorectal cancer did not meet the primary endpoint of improving overall patient survival versus capecitabine and a placebo. On this disappointing news, Keryx share price plummeted from $4.98 on March 30, 2012 to $1.74 on April 2, 2012 – a decline of roughly 65 percent.
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Take ActionIf you purchased Keryx stock or options between June 1, 2009 and April 1, 2012 and would like to discuss your legal rights, visit www.faruqilaw.com/KERX. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Keryx's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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