| Company: | Nektar Therapeutics |
| Ticker Symbol: | NASD: NKTR |
| Class Period: | March 4, 2004 to August 4, 2004 |
| Date Filed: | Sep-03-04 |
| Lead Plaintiff Deadline: | Nov-02-04 |
| Court: | Northern District, CA |
| Allegations: |
A class action lawsuit was filed in the United States District Court for the Northern District of California on behalf of all securities purchasers of Nektar Therapeutics (Nasdaq: NKTR, "Nektar" and the "Company") from March 4, 2004 through August 4, 2004 inclusive (the "Class Period").
The complaint alleges that defendants Nektar, Ajit Gill, J. Milton Harris, and Robert B. Chess violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between March 5, 2004 and August 4, 2004. Nektar is a drug delivery products based company that provides a portfolio of technologies that will enable it and its pharmaceutical partners to improve drug performance throughout the drug development process. More specifically, the complaint alleges that the defendants' statements were materially false and misleading because they failed to disclose and/or misrepresented the following adverse facts, among others: (1) that the defendants knew or recklessly disregarded the fact that Aventis, one of its main partners in Exubera, prematurely filed an application for marketing approval of Exubera in the European Union with the European Medicines Agency for the sole purpose of fending off a takeover bid; (2) that the defendants knew or recklessly disregarded the fact that Exubera was plagued by ongoing safety concerns, including decreases in lung function and build-up of antibodies that could potentially affect drug absorption; (3) that as a result of these safety concerns, the application for marketing approval of Exubera in the European Union was likely to be rejected; and (4) that despite knowing these facts, defendants approved of the filing because Nektar's revenues and growth prospectuses, which are largely based on royalties and manufacturing payments, are entirely dependent on the success of its partners, who are responsible for clinical development and marketing and because the Company was highly leveraged and needed the European Union filing in order to complete a $199.5 million offering.
On August 5, 2004, Reuters published an article entitled "EU experts have concerns over Exubera drug-report." Citing a French medical online news service, Reuters stated an unnamed source heard that European regulatory officials wondered whether the drug could win approval. The original story, from Agence de Presse Medicale, also points to official notes from an April meeting of British regulators that mentioned a certain unnamed diabetes drug up for approval was being met with objections. It is believed that drug is Exubera. News of this shocked the market. Shares of Nektar fell $6.14 per share or 37.01 percent on August 5, 2004, to close at $10.45 per share.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The complaint alleges that defendants Nektar, Ajit Gill, J. Milton Harris, and Robert B. Chess violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between March 5, 2004 and August 4, 2004. Nektar is a drug delivery products based company that provides a portfolio of technologies that will enable it and its pharmaceutical partners to improve drug performance throughout the drug development process. More specifically, the complaint alleges that the defendants' statements were materially false and misleading because they failed to disclose and/or misrepresented the following adverse facts, among others: (1) that the defendants knew or recklessly disregarded the fact that Aventis, one of its main partners in Exubera, prematurely filed an application for marketing approval of Exubera in the European Union with the European Medicines Agency for the sole purpose of fending off a takeover bid; (2) that the defendants knew or recklessly disregarded the fact that Exubera was plagued by ongoing safety concerns, including decreases in lung function and build-up of antibodies that could potentially affect drug absorption; (3) that as a result of these safety concerns, the application for marketing approval of Exubera in the European Union was likely to be rejected; and (4) that despite knowing these facts, defendants approved of the filing because Nektar's revenues and growth prospectuses, which are largely based on royalties and manufacturing payments, are entirely dependent on the success of its partners, who are responsible for clinical development and marketing and because the Company was highly leveraged and needed the European Union filing in order to complete a $199.5 million offering.
On August 5, 2004, Reuters published an article entitled "EU experts have concerns over Exubera drug-report." Citing a French medical online news service, Reuters stated an unnamed source heard that European regulatory officials wondered whether the drug could win approval. The original story, from Agence de Presse Medicale, also points to official notes from an April meeting of British regulators that mentioned a certain unnamed diabetes drug up for approval was being met with objections. It is believed that drug is Exubera. News of this shocked the market. Shares of Nektar fell $6.14 per share or 37.01 percent on August 5, 2004, to close at $10.45 per share.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
