NEW YORK, Feb. 12, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own securities of Amylyx Pharmaceuticals, Inc. (NASDAQ: AMLX)?
- Did you purchase your securities between November 11, 2022 and November 8, 2023, inclusive?
- Did you lose money in your investment in Amylyx Pharmaceuticals, Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Amylyx Pharmaceuticals, Inc. (“Amylyx or the “Company”) (NASDAQ: AMLX) between November 11, 2022 and November 8, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Southern District of New York and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired Amylyx securities, and/or would like to discuss your legal rights and options please visit Amylyx Pharmaceuticals, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
According to the Complaint, Amylyx is a commercial-stage biotechnology company that engages in the discovery and development of treatments for amyotrophic lateral sclerosis (“ALS”), also known as Lou Gehrig’s disease, and other neurodegenerative diseases. The Company’s products include, among others, AMX0035 (commercially referred to as “RELYVRIO” in the U.S.), a dual UPRBax apoptosis inhibitor composed of sodium phenylbutyrate and taurursodiol, for the treatment of ALS in adults in the U.S.
Following the U.S. Food and Drug Administration’s (“FDA”) September 2022 approval of RELYVRIO for the treatment of ALS in adults in the U.S., Defendants consistently touted the drug’s commercial prospects and prescription rate.
Throughout the Class Period, Defendants allegedly failed to disclose that: (i) Defendants had overstated RELYVRIO’s commercial prospects; (ii) patients were discontinuing treatment with RELYVRIO after six months; (iii) the rate at which new patients were starting treatment with RELYVRIO was decreasing; (iv) accordingly, Defendants had also overstated RELYVRIO’s prescription rate; and (v) Defendants attempted to hide the foregoing negative trends from investors and the market by blocking analysts from viewing RELYVRIO’s prescription data.
On November 9, 2023, Amylyx issued a press release announcing its third quarter (“Q3”) 2023 financial results, including Q3 GAAP earnings per share (“EPS”) of $0.30, missing consensus estimates by $0.12. That same day, on a conference call with investors and analysts to discuss these results, Company management revealed that, despite “a [purported] steady cadence of new prescriptions written in” Q3 for RELYVRIO, Amylyx’s “results were impacted by a number of factors” including a “slowdown in net adds” for RELYVRIO in Q3, which “was primarily driven by increased discontinuations for a variety of reasons”, with only “60% of people taking RELYVRIO remain[ing] on therapy six months after initiation in the U.S.”
On this news, Amylyx’s stock price fell $5.74, or 31.89%, to close at $12.26 per share on November 9, 2023.
If you wish to serve as lead plaintiff, you must move the Court no later than April 9, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Amylyx securities, and/or would like to discuss your legal rights and options please visit Amylyx Pharmaceuticals, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
