Phathom Pharmaceuticals, Inc. Investigation - PHAT

Company: Phathom Pharmaceuticals, Inc.

Ticker: (NASDAQ) PHAT

Learn more about the Phathom Pharmaceuticals, Inc. Investigation

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Certification of Plaintiff Pursuant to Federal Securities Laws

I, duly certify and say, as to the claims asserted under the federal securities laws, that:

1. I have reviewed a complaint filed in the action.

2. I did not purchase the security that is the subject of this action at the direction of plaintiff's counsel or in order to participate in this action.

3. I am willing to serve as a representative party on behalf of the class, including providing testimony at deposition and trial, if necessary.

4. My transaction(s) in Phathom Pharmaceuticals, Inc. which are the subject of this litigation during the class period set forth in the complaint are set forth in the chart attached hereto.

5. Within the last 3 years,

I have not sought to serve nor have I served as a class representative in any federal securities fraud case.
I have sought to serve as a class representative in

6. I will not accept any payment for serving as a representative party on behalf of the class beyond the Plaintiff's pro rata share of any recovery, except as ordered or approved by the court, including any award for reasonable costs and expenses (including lost wages) directly relating to the representation of the class.

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Signed pursuant to California Civil Code Section 1633.1, et seq. - and the Uniform Electronic Transactions Act as adopted by the various states and territories of the United States.

By your signature above, you confirm that have retained Levi & Korsinsky, LLP to represent you and the shareholder class as a lead plaintiff in the pending class action against Phathom Pharmaceuticals, Inc. This representation will be on a contingency basis, meaning that Levi & Korsinsky will advance all expenses in the litigation and will only seek compensation and/or reimbursement of expenses if the firm obtains a recovery. Regardless of the result, we will never ask you to directly pay for any attorneys’ fees, expenses, or costs. Should we obtain a favorable result, we may ask the court to award us compensation and reimbursement of expenses to be paid by the defendants or as a portion of any class recovery. In exchange for our representation, you agree to cooperate as our client by providing, for example, relevant documents and deposition testimony, if necessary. During the course of this litigation, we may employ and/or work with other law firms, experts, and third-parties to successfully prosecute this action. If you are not appointed as the lead plaintiff or Levi & Korsinsky is not appointed as lead counsel, we will notify you of such decision at which time this representation will end unless otherwise extended by you and the firm. We look forward to working with you towards a successful resolution of this action.

I have reviewed the complaint linked in paragraph 1

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Investigation Details

Phathom Pharmaceuticals, Inc. shareholders took the hit when Phathom Pharmaceuticals cut FY 2026 revenue guidance to $300 million–$325 million from the $320 million–$345 million range management had reaffirmed only weeks earlier, removing $20 million from both the bottom and top ends of its outlook.

On the February 26, 2026 Q4 2025 earnings call, President and CEO Steve Basta stated: “Our $320 million to $345 million revenue guidance for 2026 reflects our operating expectation of continued solid growth from our GI-focused strategy.” On the April 30, 2026 Q1 2026 call, CFO Sanjeev Narula told investors, “We continue to anticipate 2026 net revenue between $320 million to $345 million,” and Mr. Basta added, “We are thus maintaining our revenue guidance for the year.”

On that same April 30 call, Mr. Basta described a commercial build carrying that guidance — “We have more than 290 reps in place to start Q2” — while Mr. Narula described the Company’s gross-to-net discount landing at the lower end of a 55% to 59% range. Weeks later, the top end of the revenue range came down by $20 million.