ATHA CLASS ACTION ALERT: Kessler Topaz Meltzer & Check, LLP Announces a Securities Fraud Class Action Lawsuit Filed Against Athira Pharma, Inc.
RADNOR, Pa .– (BUSINESS WIRE) – Law firm Kessler Topaz Meltzer & Check, LLP reminds investors that class actions for securities fraud have been filed against Athira Pharma, Inc. (NASDAQ: ATHA) (“Athira”) on behalf of those who bought or acquired Athira common stock: a) in accordance with and / or traceable to the registration statement and prospectus (collectively the “Registration Statement”) issued in connection with the initial public offering of Athira in September 2020 (“IPO”); and / or b) between September 18, 2020 and June 17, 2021 inclusive (the “Class Period”).
Deadline Reminder: Investors who may have purchased or acquired Athira common stock following the IPO and / or during the Class Action Period by 08/24/2021 at the latestto be appointed as the group’s lead plaintiff. For more information or information on how to participate in this litigation, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; by email to [email protected]; or click on https://www.ktmc.com/athira-pharma-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=athira
Athira is a late-stage clinical biopharmaceutical company focused on developing small molecules to restore neuronal health and stop neurodegeneration. On September 18, 2020, Athira filed its prospectus on Form 424B4, which is part of the Registration Statement. In the IPO, Athira sold approximately 13,397,712 common shares at a price of $ 17.00 per share. Athira received approximately $ 208.5 million in proceeds from the IPO, net of subscription discounts and commissions.
According to the complaints, on June 17, 2021, after the market closed, Athira announced in a press release that it had welcomed its President and Chief Executive Officer, Dr. Leen Kawas, while at Washington State University (“WSU”), was on leave pending review of the measures resulting from her doctoral thesis. According to Athira’s press release, Athira’s board of directors has “formed an independent special committee to conduct this review”.
On the same day, the scientific publication STAT published an article stating that the WSU was investigating claims that Dr. Kawas “published several articles with altered images while she was a PhD student”. These publications “are fundamental to Athira’s efforts to treat Alzheimer’s disease” because they “demonstrated that a particular molecule affects the activity of HGF”. Although Athira is developing a different molecule than the one that Dr. Kawas investigated in the articles in question, her PhD thesis laid the biological foundations that Athira continues to use in her approach to treating Alzheimer’s disease. Concrete “[i]Magicians of western blots, which are used to determine the presence of certain proteins in biological samples, look like they have been altered from their original state. “According to experts quoted in the article,” If the Western blots are inaccurate, the entire study must be repeated. ”
Following this news, Athira’s share price fell $ 7.09, or about 39%, to close at $ 11.15 per share on June 18, 2021.
The complaints allege that defendants made essentially false and misleading statements in the registration statement and / or throughout the classroom and failed to state that: (1) Dr. Kawas had published research with improperly altered images while she was in graduate school; (2) this alleged research was fundamental to Athira’s efforts to develop treatments for Alzheimer’s as it laid the biological foundations that Athira used in his approach to treating Alzheimer’s; (3) As a result, Athira’s intellectual property and product development for the treatment of Alzheimer’s were based on invalid research; and (4) as a result of the foregoing, Defendants’ positive statements about Athira’s business, business and prospects were materially misleading and / or unfounded.
Impact investors can by 08/24/2021 at the latest, seek to be appointed as lead class representative through Kessler Topaz Meltzer & Check, LLP, or other legal counsel, or may choose not to do anything and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in the conduct of the dispute. To be appointed as a lead plaintiff, the court must determine that the class plaintiff’s claim is typical of the claims of other class plaintiffs and that the class plaintiff is adequately representing the class action. Your ability to participate in a recovery will not be affected by whether or not you will be the lead plaintiff.
Kessler Topaz Meltzer & Check, LLP pursues class actions in state and federal courts across the country involving securities fraud, fiduciary violations, and other violations of state and federal laws. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform and has collected billions of dollars on behalf of institutional and private investors from the US and around the world. The firm represents investors, consumers and whistleblowers (individuals who report fraudulent practices to the government and participate in recovery of government dollars). The complaint in this lawsuit was not filed by Kessler Topaz Meltzer & Check, LLP. For more information on Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.