Boston, Massachusetts--(Newsfile Corp. - August 5, 2021) - Berman Tabacco, a national law firm representing investors, is investigating potential violations of the federal securities laws by Athira Pharma, Inc. ("Athira" or the "Company") (NASDAQ: ATHA). Athira, formerly known as M3 Biotechnology, Inc., is a biopharmaceutical company based in Bothell, Washington.
On September 22, 2020, the Company closed its initial public offering, in which the Company sold and issued 12,000,000 shares of common stock at a price to the public of $17.00 per share. Also, in January 2021, the Company completed a follow-on public offering of its common stock. As part of the follow-on offering, the Company issued and sold 4,000,000 shares of its common stock at a public offering price of $22.50 per share.
On June 17, 2021, Athira issued a press release announcing that the Company's Chief Operating Officer had "assumed day-to-day leadership responsibilities for the Company, effective immediately." The Company further disclosed that the Board of Directors placed the President and Chief Executive Officer ("CEO") "on temporary leave pending a review of actions stemming from doctoral research [the CEO] conducted while at Washington State University." The Company also disclosed that the "Board has formed an independent special committee to undertake this review."
In response to this news, Athira common shares were trading to as low as $9.70 per share, down from its previous close of $18.24 per share on June 17, 2021.
On June 25, 2021, a securities class action was filed in the U.S. District Court for the Western District of Washington. The class period is between September 18, 2020 and June 17, 2021. The deadline to seek appointment as lead plaintiff is August 24, 2021.
On August 5, 2021, STAT reported that "papers co-authored by former chief executive Leen Kawas were referenced in an Athira application for funding from the National Institutes of Health."
If you purchased Athira securities between September 18, 2020 and June 17, 2021, and would like more information regarding this investigation, please visit: https://www.bermantabacco.com/case/athira-pharma-inc/.
Berman Tabacco is a national law firm representing institutions and individuals in lawsuits, seeking to recoup losses caused by corporate and board misconduct and violations of the securities and antitrust laws. The firm has offices in Boston, Massachusetts and San Francisco, California.
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Jay Eng, Esq.
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