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AKRO: Kessler Topaz Meltzer & Check, LLP Notifies Investors of a Securities Class Action Lawsuit Filed Against Akero Therapeutics, Inc.

The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California against Akero Therapeutics, Inc. (“Akero”) (NASDAQ: AKRO). The action charges Akero with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of Akero’s materially misleading statements and omissions to the public, Akero’s investors have suffered significant losses.

If you suffered Akero losses, you may CLICK HERE or go to: https://www.ktmc.com/new-cases/akero-therapeutics-inc?utm_source=PR&am ...

You can also contact attorney Jonathan Naji, Esq. of Kessler Topaz by calling [phone] or by email at [e-mail]. The lead plaintiff deadline is June 25, 2024.

DEFENDANTS’ ALLEGED MISCONDUCT

Akero is a clinical stage drug development company which has yet to generate any revenues because the FDA has not approved any of its drug candidates for sale. To finance the company’s operations, Akero conducted two secondary stock offerings and one at-the-market stock offering during the Class Period, raising over $577 million. In order to successfully complete these offerings and raise part of the funding, Akero needed to develop and commercialize EFX, Akero’s lead product candidate, which was being developed to treat Nonalcoholic steatohepatitis (“NASH”) - a serious form of nonalcoholic fatty liver disease that is estimated to affect 17 million Americans.

The Class Period begins on September 13, 2022. On that date, Akero filed with the SEC a Form 8-K which reported the 24-week results for Akero’s Phase 2b HARMONY study of EFX in patients with pre-cirrhotic NASH. The Form 8-K and the attached press release stated that both the 50 milligram and 28 milligram doses of EFX had achieved statistical significance on primary and secondary histology endpoints after 24 weeks.

Two days later, on September 15, 2022, Akero filed with the SEC a prospectus supplement for a secondary offering of Akero common stock, pursuant to, the company eventually sold over 8.8 million shares of Akero common stock at $26 per share, raising gross proceeds of approximately $230 million.

Throughout the Class Period, Defendants repeatedly misled investors as to the true nature of the patient population that was being tested in Akero’s SYMMETRY study. Specifically, despite telling investors that the study’s patient population was limited to those with NASH induced cirrhosis (a fact that was key for data integrity and the likelihood of study success), for approximately 20% of those being tested Akero had not confirmed that the patients had NASH and that NASH had in fact caused their cirrhosis.