LOS ANGELES, CA / ACCESSWIRE / March 15, 2019 / The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Prothena Corporation plc (''Prothena'' or ''the Company'') (NASDAQ: PRTA) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors related to its secondary offering on March 8, 2017.
On or about March 8, 2017, Prothena Corporation plc completed a secondary offering of 2,700,000 of its ordinary shares at a price of $57.50 per share.
On November 8, 2017, Kerrisdale, an investment research firm, published a 27-page report exposing that Prothena's Phase 1/2 study results were misleading. On this news, the price of Prothena stock declined from $60.96 per share on November 7, 2017, to $56.24 per share on November 8, 2017, a drop of 7.8%.
On February 2, 2018, Prothena abruptly announced that its Chief Medical Officer, Defendant Noonberg, had resigned. On this news, the price of Prothena stock declined from $39.60 per share on February 2, 2018, to close at $32.14 per share when trading resumed on February 5, 2018, a drop of 19%.
On April 23, 2018, Prothena announced that it "is discontinuing development of NEOD001, an investigational antibody that was being evaluated for the treatment of AL amyloidosis." The Company advised investors that "[b]ased on the results from the Phase 2b PRONTO study, which did not meet its primary or secondary endpoints, the Company asked the independent data monitoring committee (DMC) of the Phase 3 VITAL study to review a futility analysis of the ongoing VITAL study. The DMC recommended discontinuation of the VITAL study for futility." On this news, Prothena's share price fell $25.34, or 68.78%, to close at $11.50 on April 23, 2018.
If you are a shareholder who purchased shares in the March 2017 secondary offering and suffered a loss, click here to participate.
We also encourage you to contact Brian Schall, or Sherin Mahdavian, of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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SOURCE: The Schall Law Firm