Kessler Topaz Meltzer & Check, LLP

Radnor, Pa., May 11, 2024 (GLOBE NEWSWIRE) — The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed in the U.S. District Court for the Northern District of California against Akero Therapeutics, Inc. (“Akero”) (NASDAQ: AKRO). The lawsuit accuses Akero of violations of federal securities laws, including omissions and fraudulent misrepresentations regarding the company’s business, operations and prospects. As a result of Akero’s materially misleading statements and omissions to the public, Akero’s investors have suffered significant losses.

If you have suffered Akero losses, you can CLICK HERE or go to: https://www.ktmc.com/new-cases/akero-therapeutics-inc?utm_source=PR&utm_medium=link&utm_campaign=akro&mktm=r

You may also contact Attorney Jonathan Naji, Esq. turn around. from Kessler Topaz at (484) 270-1453 or email [email protected]. The lead plaintiff deadline is June 25, 2024.

Alleged misconduct by the defendant
Akero is a clinical-stage drug development company and has not yet generated any revenue as the FDA has not approved any of its drug candidates for sale. To fund the Company’s operations, Akero conducted two secondary stock offerings and one initial public offering during the Class Period, raising over $577 million. To successfully complete these offerings and raise a portion of the financing, Akero was required to develop and commercialize EFX, Akero’s lead product candidate designed to treat non-alcoholic steatohepatitis (“NASH”) – a severe form of non-alcoholic fatty liver disease that 17 million Americans are affected.

The class period begins on September 13, 2022. On that date, Akero filed a Form 8-K with the SEC reporting 24-week results for Akero’s Phase 2b HARMONY study of EFX in patients with precirrhotic NASH . The Form 8-K and the accompanying press release stated that both the 50-milligram and 28-milligram doses of EFX achieved statistical significance in the primary and secondary histologic endpoints at 24 weeks.

Two days later, on September 15, 2022, Akero filed a prospectus supplement with the SEC for a secondary offering of Akero common stock. Accordingly, the company ultimately sold over 8.8 million shares of Akero common stock at $26 per share, generating gross proceeds of approximately $230 million.

Throughout the Class Period, defendants repeatedly misled investors about the true nature of the patient population tested in Akero’s SYMMETRY trial. Although Akero had told investors that the trial’s patient population was limited to patients with NASH-induced cirrhosis (a fact that was critical to data integrity and the likelihood of trial success), Akero had failed to do so in approximately 20% of those tested confirmed that the patient had NASH and that NASH had indeed caused their liver cirrhosis.

Akero shocked the market on October 10, 2023 when the company released disappointing interim data from its Phase 2b SYMMETRY trial for EFX. Specifically, Akero reported that 22% (28 mg) and 24% (50 mg) of EFX patients and 14% of placebo patients had at least one-level improvement in fibrosis without worsening NASH at week 36, the study’s primary endpoint The changes were not statistically significant. Additionally, Akero added that 12 patients, including 11 in the EFX groups, discontinued the study due to drug-related adverse events. On this news, Akero’s stock price fell $30.39 per share, or 62.61%, to close at $18.15 per share on October 10, 2023.

WHAT CAN I DO?
Akero investors can, no later than June 25, 2024, seek to be appointed lead plaintiff in the class by Kessler Topaz Meltzer & Check, LLP or another attorney, or may elect to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Akero investors who have suffered significant losses to contact the firm directly for further information. The class action lawsuit against Akero, Klobus v. Akero Therapeutics, Inc., et al., Case No. 24-cv-02534 is filed in the U.S. District Court for the Northern District of California.

CLICK HERE To sign up for the case or go to: https://www.ktmc.com/new-cases/akero-therapeutics-inc?utm_source=PR&utm_medium=link&utm_campaign=akro&mktm=r

Who can be lead plaintiff?
A lead plaintiff is a representative party acting on behalf of all class members in directing the litigation. The lead plaintiff is typically the investor or small group of investors that has the greatest financial interest and is also appropriate and typical of the proposed class of investors. The lead plaintiff shall select counsel to represent the lead plaintiff and the class, and such attorneys, if approved by the court, shall be lead or class counsel. Your ability to participate in the recovery will not be affected by the election of whether or not to serve as lead plaintiff.

ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP litigates class action lawsuits in state and federal courts across the country and around the world. The company has earned a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. In all our work, we share a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by companies and fiduciaries. The claim in this lawsuit was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP, visit www.ktmc.com.

CONTACT:

Kessler Topaz Meltzer & Check, LLP
(484) 270-1453
280 King of Prussia Road
Radnor, PA 19087
[email protected]

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