The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Amylyx Pharmaceuticals, Inc. (AMLX) Investors

The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Amylyx Pharmaceuticals, Inc. (“Amylyx” or the “Company”) (NASDAQ: AMLX) securities between November 11, 2022 and November 8, 2023, inclusive (the “Class Period”). Amylyx investors have until April 9, 2024 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On November 9, 2023, Amylyx released its third quarter 2023 financial results, missing GAAP earnings per share consensus estimates by approximately 29%. The Company stated that results were impacted by a “slowdown in net adds” for its ALS treatment, RELYVRIO, 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.”

That same day, Investor’s Business Daily published an article alleging, among other things, that Amylyx had blocked analysts from viewing RELYVRIO’s prescription data in the summer of 2023.

On this news, Amylyx’s stock price fell $5.74, or 31.9%, to close at $12.26 per share on November 9, 2023, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Defendants had overstated RELYVRIO’s commercial prospects; (2) patients were discontinuing treatment with RELYVRIO after six months; (3) the rate at which new patients were starting treatment with RELYVRIO was decreasing; (4) accordingly, Defendants had also overstated RELYVRIO’s prescription rate; (5) Defendants attempted to hide the foregoing negative trends from investors and the market by blocking analysts from viewing RELYVRIO’s prescription data; and (6) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased Amylyx securities during the Class Period, you may move the Court no later than April 9, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Amylyx securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240215532113/en/

The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Amylyx Pharmaceuticals, Inc. (AMLX) Investors