SAN FRANCISCO (Legal Newsline) – A retirement system established for the education community in Arkansas alleges it was damaged when stock prices for a biotechnology company fell in April.
Arkansas Teacher Retirement System, individually and on behalf of all others similarly situated, filed a complaint on May 15 in the U.S. District Court for the Northern District of California, San Francisco Division against Prothena Corp. PLC, Gene G. Kinney, Tran B. Nguyen and Sarah Noonberg over alleged violation of the Securities and Exchange Act of 1934.
According to the complaint, the defendant is a development-state biotechnology company incorporated in Ireland with its U.S. operations based in South San Francisco.
The plaintiff alleges the defendants made materially false and misleading statements and omissions during the class period of Oct. 15, 2015, to April 20, 2018, that caused Prothena securities to become artificially inflated. The plaintiff alleges when the fraudulent conduct was disclosed, Prothena stock prices fell and it suffered harm.
The plaintiff requests a trial by jury and seeks compensatory damages, reasonable costs, expenses incurred, and such equitable/injunctive or other further relief as the court may deem just and proper. It is represented by David R. Stickney and David R. Kaplan of Bernstein Litowitz Berger & Grossmann LLP in San Diego.
U.S. District Court for the Northern District of California, San Francisco Division case number 3:18-cv-02865-WHA