According to the Complaint, Keryx Biopharmaceuticals, Inc. ("Keryx") is a commercial stage biopharmaceutical company focused on bringing innovative medicines to people with kidney disease.

On June 28, 2018, Keryx and Akebia Therapeutics, Inc. ("Akebia") entered into an Agreement and Plan of Merger, pursuant to which Keryx will become a wholly owned subsidiary of Akebia (the “Proposed Transaction”). Also on June 28, 2018, Keryx and Akebia issued a joint press release announcing the Proposed Transaction.

The Complaint alleges that on October 1, 2018, the Defendants filed a materially incomplete and misleading Proxy Statement with the SEC and disseminated it to Keryx shareholders. The Proxy Statement solicits the Company’s shareholders to vote in favor of the Proposed Transaction. The Complaint alleges that the Proxy Statement misrepresents or omits material information that is necessary for the Company’s shareholders to make an informed voting decision in connection with the Proposed Transaction.

On April 2, 2019, the Court issued an Order consolidating cases and appointing Lead Plaintiffs and Counsel. All future docketing was ordered to be done in the lead case 18-CV-01589.

Lead Plaintiffs filed a consolidated amended Complaint on June 3, 2019. Defendants filed a Motion to Dismiss the consolidated amended Complaint on August 2. On April 15, 2020, the Court issued an Order granting Defendants' Motion to Dismiss. Lead Plaintiffs filed a Motion to alter judgment to allow Leave to Amend the Complaint on May 13 and a notice appealing the Court's dismissal Order on May 15. On June 29, the Court issued an Order granting Plaintiffs' Motion to alter judgment.

Lead Plaintiffs filed a second amended Complaint on July 2, 2020. Defendants filed a Motion to Dismiss the second amended Complaint on August 10. On April 1, 2021, the Court issued an Order granting Defendants' Motion to Dismiss. The case was dismissed with prejudice. Lead Plaintiffs filed a notice appealing the Court's Dismissal Order on April 29. On July 21, 2022, the Court of Appeals affirmed the District Court's Dismissal Order.