Keller Rohrback Files Suit Against Athira Pharma for Misrepresentations in IPO Registration Statement

Keller Rohrback and co-counsel Longman Law, P.C. filed a class action lawsuit against Athira Pharma, Inc. (“Athira”) (NASDAQ: ATHA), certain of its officers and directors, and the underwriters of the IPO of Athira common stock. The suit, entitled Timothy Slyne, et al. v. Athira Pharma, Inc., et al., was filed in the Western District of Washington on behalf of purchasers of ATHA common stock who either purchased shares in the September 2020 initial public offering (IPO) or on the open market that can be traced to the IPO. The lawsuit seeks remedies pursuant to the Securities Act of 1933.

The lawsuit alleges that Defendants misrepresented and omitted crucial truths regarding Athira Chief Executive Officer and President Dr. Leen Kawas in the Registration Statement for the IPO. Athira announced after close of trading on June 17, 2021 that the Athira Board placed Dr. Kawas on temporary leave in light of claims that she falsified research results in various academic papers. This news caused Athira’s stock to plunge approximately 40% from $18.24 to $11.15 per share—well below the $17.00 IPO price.

Athira’s misrepresentations about its President and CEO and omission regarding the alleged research misconduct caused injury to all those who purchased Athira common stock pursuant or traceable to the IPO. If you purchased or acquired ATHA common stock pursuant to or traceable to the IPO, please contact Keller Rohrback’s securities team at investor@kellerrohrback.com or (800) 776-6044.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR’S ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS A LEAD PLAINTIFF.

About Keller Rohrback L.L.P.

With offices in Seattle, Phoenix, New York, Oakland, Santa Barbara, and Missoula, Keller Rohrback serves as lead and co-lead counsel in class actions throughout the country. The firm has a track record for holding corporations accountable for wrongdoing and has achieved large settlements on behalf of its clients, including a $142 million settlement in the Wells Fargo Unauthorized Accounts Scandal.

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