Kessler Topaz Meltzer & Check, LLP Reminds Investors of Securities Fraud Class Action Lawsuit Filed Against Athira Pharma, Inc.
Radnor, Pennsylvania – (Newsfile Corp. – July 25, 2021) – Law firm Kessler Topaz Meltzer & Check, LLP is reminding investors of Athira Pharma, Inc. (NASDAQ: ATHA) (“Athira”) that classroom fraud lawsuits have been filed filed on behalf of those who have bought or acquired Athira common stock: a) in accordance with and / or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) relating to Athira’s initial public offering in September 2020 (“Initial Public Offering”) ); and / or b) between September 18, 2020 and June 17, 2021 inclusive (the “Class Period”).
Deadline Reminder: Investors who have purchased or acquired Athira common stock in the IPO and / or during the Class Action Period may be appointed as Lead Class Representatives by August 24, 2021 at the latest. 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; toll free at (844) 887-9500; by email to email@example.com; 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 a 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, Athira announced in a press release on June 17, 2021, after the market closed, that it had welcomed its President and Chief Executive Officer, Dr. Leen Kawas, has taken leave of absence pending review of the measures resulting from her doctoral thesis at Washington State University (“WSU”). According to Athira’s press release, Athira’s board of directors has “formed an independent special committee to conduct this review”.
The story goes on
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 examined 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]The magicians of Western blots, used to determine the presence of certain proteins in biological samples, look like they have been altered from their original state. “According to experts cited in the article,” Wenn the Western blots are inaccurate, then the whole thing is “The course has to be redone.”
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 the 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 disease was 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.
Athira investors can apply to be appointed as the lead class representative by Kessler Topaz Meltzer & Check, LLP, or other legal counsel by August 24, 2021 at the latest, or they can choose to do nothing and remain an absent group 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.
Kessler Topas Meltzer & Check, LLP
James Maro, Jr., Esq.
Radnor, PA 19087
(844) 887-9500 (toll free)
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/91069