Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Amylyx Pharmaceuticals, Inc. (AMLX)

Law Offices of Howard G. Smith reminds investors of the upcoming April 9, 2024 deadline to file a lead plaintiff motion in the case 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”).

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 or otherwise acquired 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 if you meet certain legal requirements. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you 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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