NEW YORK, June 19, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Integra LifeSciences Holdings Corp. (NASDAQ: IART), Chinook Therapeutics, Inc. (NASDAQ: KDNY), Phathom Pharmaceuticals, Inc. (NASDAQ: PHAT), and Akumin, Inc. (NASDAQ: AKU). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Integra LifeSciences Holdings Corp. (NASDAQ: IART)
On May 23, 2023, Integra disclosed that it had initiated a recall of its SurgiMed, PriMatrix, Revize, and TissueMend products manufactured at its Boston facility as far back as March 1, 2018. The Company attributed the recall to a finding that products may have been distributed with higher levels of endotoxins than permitted by the product specifications. As a result, the Company expects to write off approximately $22 million in inventory.
On this news, Integra’s stock price fell $10.24, or 20.2%, to close at $40.48 per share on May 23, 2023, thereby injuring investors.
For more information on the Integra investigation go to: https://bespc.com/cases/IART
Chinook Therapeutics, Inc. (NASDAQ: KDNY)
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Chinook is the subject of a report issued by Muddy Waters Research on May 16, 2023. According to the report, the Company’s lead product candidate “has been shown to be harmful to patients’ cardiovascular health”, and that “AbbVie and Chinook seem to have systemically manipulated research findings and presentation on atrasentan to obscure these trial results.”
On this news, shares of Chinook fell by almost 4.5% on the same day.
For more information on the Chinook investigation go to: https://bespc.com/cases/KDNY
Phathom Pharmaceuticals, Inc. (NASDAQ: PHAT)
On August 2, 2022, before market hours, Phathom issued a press release entitled "Phathom Pharmaceuticals Reports Second Quarter 2022 Financial Results and Provides Business Updates" which announced that "we detected trace levels of a nitrosamine in vonoprazan drug product in our post-approval testing as we prepared for commercial launch." Further, the press release announced that "[t]he Company is working with the FDA and plans to obtain approval of and implement an additional test method, specification, including a proposed acceptable intake limit, and additional controls to address this impurity prior to releasing our first vonoprazan-based products to the market." Finally, Phathom announced that "[t]hese additional activities will result in a delay of the planned VOQUEZNA DUAL PAK and VOQUEZNA TRIPLE PAK product launches."
On this news, Phathom's stock price fell $2.61 per share, or 28%, to close at $6.46 per share on August 2, 2022.
For more information on the Phathom investigation go to: https://bespc.com/cases/PHAT
Akumin, Inc. (NASDAQ: AKU)
On Sunday, August 15, 2021, Akumin announced that it would not file its financial report for the period ended June 30, 2021 on time because the Company required “additional information and analysis relate[d] to potential additional credit losses with respect to prior years.” On this news, the price of Akumin shares declined by $0.47 per share, or approximately 16.04%, from $2.93 per share to close at $2.46 on August 16, 2021.
On October 12, 2021, Akumin disclosed that it “identified issues in the recording of write-offs and cash collections on acquired accounts receivable balances impacting current and prior periods.” The Company also disclosed that “estimates of historical implicit price concessions and expected collection rates were not reflective of the actual cash collections which were occurring and Akumin has determined that a material change to historical implicit price concessions recorded as of January 1, 2019, December 31, 2019 and December 31, 2020 is required.” As a result, the Company disclosed it would have to restate certain filings and that the restatements “will result in an accounts receivable balance as of June 30, 2021 of between $65.0 million and $70.0 million as compared to Akumin’s previously reported March 31, 2021 accounts receivable balance of $95.9 million.”
On this news, the price of Akumin shares declined by $0.25 per share, or approximately 10.25%, from $2.44 per share to close at $2.19 on October 13, 2021.
For more information on the Akumin investigation go to: https://bespc.com/cases/AKU
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.