AKERO THERAPEUTICS SHAREHOLDER ALERT FROM FORMER LOUISIANA ATTORNEY GENERAL: KAHN SWICK & FOTI, LLC REMINDS INVESTORS WITH LOSSES OVER $100,000 OF DEADLINE TO FILE CLASS ACTION ACTIONS AGAINST Akero Therapeutics, Inc. – AKRO

NEW ORLEANS, May 24, 2024 /PRNewswire/ — Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Louisiana Attorney General Charles C. Foti, Jr., remind investors that they have until 25 June 2024 to file lead plaintiff motions in a class action lawsuit against Akero Therapeutics, Inc. (NasdaqGS: AKRO) if they purchased or otherwise acquired the Company’s stock between September 13, 2022 and October 9, 2023, inclusive (the “Class Period”). This action is pending in the U.S. District Court for the Northern District of California.

What you can do

If you purchased Akero shares and would like to discuss your legal rights and how this case affects you and your right to recover your economic loss, you may contact Lewis Kahn, Managing Partner at KSF, at no obligation and at no cost to you, toll free at 1-877-515-1850 or via email ([email protected]) or visit https://www.ksfcounsel.com/cases/nasdaqgs-akro/ to learn more. If you wish to serve as lead plaintiff in this class action, you must move the Court by 25 June 2024.

About the lawsuit

Akero and certain of its executives are accused of failing to disclose material information during the Class Period, in violation of federal securities laws.

The alleged false and misleading statements and omissions include, among others: (i) approximately 20% of patients enrolled in the SYMMETRY study for the Company’s lead product candidate, efruxifermin (“EFX”), had cryptogenic cirrhosis (and not definitive nonalcoholic steatohepatitis (“NASH”), a serious liver disease, at baseline; (ii) the patients with cryptogenic cirrhosis enrolled in the SYMMETRY study did not have biopsy-proven compensated cirrhosis secondary to definitive NASH; (iii) the results of the patients with cryptogenic cirrhosis should not be considered in calculating the secondary endpoints for NASH resolution; (iv) the Company had introduced a confounder into the design of the SYMMETRY study that materially affected the potential results of the study and increased the risk that the study would miss its primary endpoint; (v) the SYMMETRY trial did not comply with U.S. Food & Drug Administration guidelines for testing a drug to treat NASH cirrhosis because Akero did not rule out possible causes of cirrhosis other than NASH in any of the patients; and (vi) as a result, the Company materially misrepresented the nature of the SYMMETRY trial, its utility in supporting a New Drug Application, the likelihood of success of the SYMMETRY trial as measured by its primary endpoint, and the likelihood that EFX would become a commercial treatment for NASH cirrhosis.

The market finally learned the truth in premarket trading on October 10, 2023, when the company announced the study’s 36-week results. Akero’s stock price subsequently fell $30.39 per share on October 10, 2023, and $3.11 per share on October 11, 2023, on above-average volume – a nearly 70% decline from the stock’s closing price of $48.54 per share on October 9, 2023.

The case is Klobus v. Akero Therapeutics, Inc., No. 24-cv-02534.

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s leading boutique securities litigation firms. KSF serves a wide range of clients – including public institutional investors, hedge funds, asset managers and individual investors – in recovering investment losses resulting from corporate fraud or abuse of authority by publicly traded companies. KSF maintains offices in New York, Delaware, California, Louisiana and New Jersey.

To learn more about KSF, visit www.ksfcounsel.com.

Contact:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163

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