Akero Therapeutics, Inc. (AKRO) Securities Fraud Class Action

Akero Therapeutics, a biopharmaceutical company developing treatments for liver disease, is facing a securities class action lawsuit over allegations it misled investors about a key clinical trial. The lawsuit centers on the SYMMETRY study, designed to evaluate efruxifermin ("EFX"), Akero's lead drug candidate, for treating nonalcoholic steatohepatitis (NASH), a serious liver condition.

The crux of the complaint lies in Akero's portrayal of the SYMMETRY study's patient population. In June 2019, the FDA issued guidance discouraging the inclusion of patients with cryptogenic cirrhosis, a condition with an unclear cause, in NASH treatment trials. The lawsuit alleges Akero:

• Enrolled ~20% of SYMMETRY study participants with cryptogenic cirrhosis, who lacked definitive NASH diagnoses.
• Failed to ensure these patients had biopsy-confirmed compensated cirrhosis due to NASH.
• Excluded the cryptogenic cirrhosis patients' data from a crucial secondary endpoint measuring NASH resolution.
• Introduced a potential confounding factor by including these patients, jeopardizing the study's integrity, and increasing the risk of failure.
• Misrepresented the trial's design and its ability to support future drug applications.

The lawsuit further claims Akero misled investors regarding the likelihood of the study's success and EFX's potential as a commercial NASH treatment.

The truth reportedly came to light on October 10, 2023, when Akero announced the SYMMETRY study missed its primary endpoint and disclosed the exclusion of 11 cryptogenic patients from the placebo arm's secondary endpoint data. 

The news triggered a dramatic plunge in Akero's stock price, dropping $30.39 (down 62%) on October 10, followed by analyst downgrades.

FREQUENTLY ASKED QUESTIONS ABOUT THE CASE

What is the AKRO securities class-action case about?

We are investigating whether Akero intentionally misrepresented its SYMMETRY patient population.

WHAT SHOULD I DO?

I worked at AKRO. What should I do?

If you were an employee of AKRO, you may have valuable information that could be relevant to the lawsuit. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, contact Reed Kathrein at 844-916-0895 or [email protected].

There are multiple law firms participating, do I need to contact all of them?

No, you do not need to contact all participating law firms. Generally, class-action lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions.

AM I ELIGIBLE?

What is the threshold amount to be eligible? What are “substantial” losses?

The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.

CAN I PARTICIPATE?

Am I affected? What do I need to do to participate?

If you were an investor in AKRO, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.

Can any AKRO investor participate?

In most class-action cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.

I bought on a non-U.S. Exchange. Can I participate?

No. This investigation only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.

Am I included if I still hold my shares, or do I need to sell to participate?

Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.