NEW YORK, June 29, 2021 (GLOBE NEWSWIRE) -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a Lead Plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of Athira Pharma, Inc. ("Athira" or the "Company") (NASDAQ: ATHA) from September 18, 2020 through June 17, 2021 (the “Class Period”). The lawsuit filed in the United States District Court for the Western District of Washington alleges violations of the Exchange Act of 1934.
If you purchased Athira securities, and/or would like to discuss your legal rights and options please visit Athira Shareholder Class Action Lawsuit or contact Joseph R. Seidman, Jr. toll free at (877) 779-1414 or Seidman@bernlieb.com
The complaint alleges that, throughout the Class Period, defendants made materially false and misleading statements and omitted material adverse facts regarding the Company’s business. Specifically, defendants failed to disclose to investors: (1) that the research conducted by Athira’s President and CEO Leen Kawas, which formed the foundation for Athira’s product candidates and intellectual property, was tainted by Kawas’ scientific misconduct, including the manipulation of key data; and (2) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and omitted material facts necessary in order to make the statements not misleading.
On June 17, 2021, after the market closed, Athira issued a press release announcing that the Company’s Board of Directors had placed Kawas on temporary leave pending a review of actions stemming from doctoral research Kawas conducted while at Washington State University. An article published in STAT News later that day revealed that the investigation of Kawas relates to allegations that she altered images in four separate papers relating to her research on hepatocyte growth factor (HGF), a protein with the potential to treat Alzheimer’s disease.
On this news, Athira’s stock price fell $7.09 per share, or nearly 39%, to close at $11.15 per share on June 18, 2021, on unusually heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than August 24, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Athira securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/athirapharmainc-atha-shareholder-class-action-lawsuit-fraud-stock-407/apply/ or contact Joseph R. Seidman, Jr. toll free at (877) 779-1414 or Seidman@bernlieb.com
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Joseph R. Seidman, Jr.
Bernstein Liebhard LLP