The complaint is go to the website brought on behalf of all purchasers of Keryx securities between February 25, 2016 and July 29, 2016, for alleged violations of the Securities Exchange Act of 1934 by Keryx’s officers and directors. Keryx is a biopharmaceutical company that focuses on providing therapies for patients with renal disease in the United States. Its product, Auryxia, is an oral, absorbable iron-based compound designed to control serum phosphorous levels in patients with chronic kidney disease on dialysis. Securities and Exchange Commission and issued multiple press releases touting Auryxia’s solid foundation and positive forward-looking guidance about the company’s financial outlook. The company elaborated, “For 2016, we expect prescription volume to increase between 20 percent and my latest blog post 35 percent on a sequential quarter basis, ramping as we realize the full impact of our expanded sales force.” The company further stated, “[O]ur top priorities for this year are to increase adoption of Auryxia in the dialysis setting, submit a regulatory application seeking label expansion, and prepare for potential launch in 2017 in the new indication.” However, the complaint alleges that Keryx officials failed to disclose that: (i) the company was experiencing production-related difficulties in converting active pharmaceutical ingredient (“API”) to finished drug product; (ii) the foregoing difficulties were resulting in decreased production yields of finished drug product; and (iii) consequently, the company would exhaust its reserve of finished drug product. On August 1, 2016, Keryx disclosed that an interruption in the supply of Auryxia tablets was going to occur due to a production-related issue concerning API at its contract manufacturer. The company further stated that current inventories of Auryxia are not sufficient to ensure uninterrupted patient access to the medicine, and that it expects to make Auryxia available to patients when the supply is back to adequate levels, likely in the fourth quarter of 2016. On this news, Keryx stock fell $2.64 per share, or 35.8%, to close at $4.72 per share on August 1, 2016. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com , or via the shareholder information form on the firm’s website. Robbins Arroyo 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.
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Energy companies fell as a rally in oil prices faded and investors continue to sell the safe assets they favored earlier this year. Technology and materials companies made small gains. Stocks were lower all day. While U.S. oil prices rose for the seventh day in a row, investors dont appear to expect further gains and they sold energy company shares. Bond prices fell and yields climbed. The Dow Jones industrial average dropped more than 100 points in early trading, but those losses shrank as technology companies and chemicals makers added to the big gains theyve made in recent months. Mayor Martin J. Walsh has appointed Lydia Edwards as head of the newly formed Office of Housing Stability. As a deputy director within the Department of Neighborhood Development, Edwards will be responsible for programs to assist Boston residents in housing crisis whether due to eviction, landlord-tenant disputes, rent escalations, unplanned loss of housing, or any other rental housing emergency.
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