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Prothena Corporation plc

23 days left to seek lead plaintiff status

Case Summary

Company Name
Prothena Corporation plc
Stock Symbol
PRTA
Class Period
October 15, 2015 to April 20, 2018
Motion Deadline
July 16, 2018
Court
Northern District of California

The complaint charges Prothena and certain of its officers with violations of the Securities Exchange Act of 1934 (“Exchange Act”).  Prothena is a development-stage biotechnology company.

The complaint alleges that during the Class Period, Prothena violated the Exchange Act by misleading investors regarding its development of NEOD001, an antibody designed to treat AL amyloidosis, a debilitating disease that can lead to organ failure and death.  Throughout the Class Period, defendants misleadingly cited the results of Prothena's ongoing Phase 1/2 clinical study of NEOD001 as evidence that the drug was effective and provided a strong basis for late-stage Phase 2b and Phase 3 studies of NEOD001.

On April 23, 2018, Prothena announced it was ending all development of NEOD001 after data from its Phase 2b study showed that NEOD001 failed to reach either primary or secondary endpoints.  In truth, NEOD001 was not an effective treatment for AL amyloidosis and did not provide an adequate basis for the late-stage Phase 2b and Phase 3 studies. 

When the truth regarding NEOD001's prospects was finally revealed, the price of the Company's stock declined by over 69%.

Class Period: October 15, 2015 - April 20, 2018
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