Are you a former employee of Nektar Therapeutics (NKTR) and own stock in the company? Robbins LLP is investigating breaches of fiduciary duty by the officers and board of directors of NKTR.
Nektar Therapeutics (NKTR) Accused of Misrepresenting the Viability of its Drug NKTR-214
Nektar touted to investors that NKTR-214 was a promising new universal cancer treatment drug. Nektar further asserted that it could improve the drug by adding polyethylene glycol molecules to IL-2, a process known as “pegylating,” to extend the half-life and reduce side effects. To investors’ surprise, on October 1, 2018, a report published by Plainview LLC claimed that NKTR-214 did not live up to Nektar’s claims and expectations for the drug’s safety and efficacy. The report revealed that Nektar had withheld 69% of response rates on dosed patients in its PIVOT study “in an unprecedented level of data opacity.” In addition, the report alleged that pegylation impaired the efficacy of NKTR-214, rendering it “completely useless for treating cancer.” On this news, Nektar’s stock price fell over 9% over the following two trading sessions to close at $55.33 on October 2, 2018, and never recovered.