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new york, March 19, 2024 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against Amylyx Pharmaceuticals, Inc. (“Amylyx” or the “Company”) (NASDAQ: AMLX) and certain of its officers. A class action lawsuit is US (“United States”) District Court for the Southern District new yorkand 24-cv-00988, and represents a class consisting of all persons and entities, other than Defendants, who purchased or otherwise acquired Amyrix securities among: November 11, 2022 and November 8, 2023, including both dates (the “Class Period”), seeks recovery of damages caused by Defendants’ violations of the federal securities laws and relief under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Pursue. “Exchange Law”) and Regulations 10b-5 was promulgated pursuant to this for the Company and certain senior employees.
If you are a shareholder who purchased or otherwise acquired Amirix securities during the Class Period, you have the following deadlines: April 9, 2024 We ask the court to appoint you as class lead plaintiff. A copy of the complaint is available at www.pomerantzlaw.com. To discuss this action, please contact us at: daniel payton in [email protected] or 646-581-9980 (or 888.4-POMLAW), toll-free, ext. If you inquire by email, please include your address, phone number, and number of shares purchased.
[Click here for information about joining the class action]
Amylyx is a commercial-stage biotechnology company working to discover and develop treatments for amyotrophic lateral sclerosis (ALS), also known as amyotrophic lateral sclerosis (ALS). Lou Gehrig’s disease, and other neurodegenerative diseases. The Company’s products include AMX0035 (trade name RELYVRIO in the United States), a dual UPR-Bax apoptosis inhibitor consisting of sodium phenylbutyrate and taurursodiol, for the treatment of ALS in adults in the United States.
According to US Food and Drug Administration regulations September 2022 When RELYVRIO was approved for the treatment of ALS in adults in the United States, Defendants consistently touted the drug’s commercial prospects and prescription rates.
complaint claim Defendants allege that throughout the Class Period, they made materially false and misleading statements about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Defendants overstated RELYVRIO’s commercial prospects; (ii) the patient discontinued her treatment with RELYVRIO after 6 months; (iii) the rate of new patients starting treatment with her RELYVRIO was decreasing; (iv) Defendants therefore also exaggerated her RELYVRIO prescription rate. (v) Defendant attempted to hide the aforementioned negative trends from investors and the market by preventing analysts from viewing her RELYVRIO prescription data; (vi) As a result, Defendants’ public statements were materially false and misleading at all relevant times;
upon November 9, 2023Amirix has issued a press release announcing its third quarter 2023 (“Third Quarter”) financial results for the third quarter (“Third Quarter”). This includes third quarter GAAP earnings per share. $0.30the consensus estimate is missing $0.12. On a conference call with investors and analysts the same day to discuss these results, company management revealed the following: [purported] RELYVRIO’s steady pace of new prescriptions written in the third quarter, AMYRIX’s ‘performance was impacted by a number of factors, including a ‘deceleration in net additions’ for RELYVRIO in the third quarter.This was mainly caused by an increase in discontinuation due to various reasons, with only 60% of people taking RELYVRIO remaining[ing] 6 months after starting treatment in the US
This is also on November 9, 2023, Investors Business Daily We published an article about our company’s disappointing financial results (“IBD article”). IBD The article quotes an Evercore ISI analyst who questions Amylyx’s claim that the number of patients starting new treatments with RELYVRIO is “stable” and says his calculations suggest otherwise. Noting that Amylyx blocked analysts from viewing RELYVRIO prescription data in summer 2023. Analysts also say: ”[k]now that [Amylyx’s] The stock was already underperforming in 2023, so management could have communicated the move to discontinue production earlier. ”[s]Today’s move amidst poor performance from biotech tapes and funds does not help investor confidence among those holding on to the stock. ”
These disclosures and IBD Article: Amirix stock price falls $5.74 per share or 31.89% $12.26 per share November 9, 2023.
As a result of Defendants’ wrongful acts and omissions and the precipitous decline in the market value of the Company’s securities, Plaintiffs and other Class Members have suffered significant losses and damages.
Pomerantz LLP, whose offices are: new york, Chicago, Los Angeles, London, Parisand tel avivis recognized as one of the premier firms in the areas of corporate litigation, securities litigation, and antitrust class action litigation.Founded by the deceased Abraham L. PomerantzPomerantz, known as the Director of Class Action Lawyers, pioneered the field of securities class action litigation. Today, more than 85 years later, Pomerantz continues the tradition he established and continues to fight for the rights of securities victims. scam, breach of fiduciary duty, corporate misconduct. Our firm has recovered billions of dollars in damages on behalf of class participants. Visit www.pomlaw.com.
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contact:
daniel payton
Pomerantz LLP
[email protected]
646-581-9980 extension 7980
SOURCE Pomerantz LLP
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