Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased 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.
Investors suffering losses on their Amylyx investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
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.
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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240216071053/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
