Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In Applied Therapeutics To Contact Him Directly To Discuss Their Options
If you suffered losses exceeding $50,000 in Applied Therapeutics January 3, 2024 and December 2, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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NEW YORK, Dec. 17, 2024 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Applied Therapeutics, Inc. (“Applied Therapeutics” or the “Company”) (NASDAQ: APLT) and reminds investors of the February 18, 2025 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that defendants provided positive statements to investors while, at the same time, disseminating false and materially misleading statements and/or concealing material adverse facts concerning the true state of Applied Therapeutics’ Phase III INSPIRE trial; notably, electronic data capture issues and a dosing error in the dose-escalation phase of the study. Such statements absent these material facts caused Plaintiff and other shareholders to purchase Applied Therapeutics’ securities at artificially inflated prices.
On November 27, 2024, Applied Therapeutics issued a press release announcing “that the U.S. Food and Drug Administration (FDA) has issued a Complete Response Letter (CRL) for the New Drug Application (NDA) for govorestat, a novel, central nervous system (CNS)-penetrant aldose reductase inhibitor (ARI), for the treatment of Classic Galactosemia.” According to the Company, “[t]he CRL indicates that the FDA completed its review of the application and determined that it is unable to approve the NDA in its current form, citing deficiencies in the clinical application.”
On this news, Applied Therapeutics’ stock price fell $1.64 per share, or 16.06%, to close at $8.57 per share on November 27, 2024.
Then, on December 3, 2024, the FDA posted on its website a Warning Letter to Applied Therapeutics, the contents of which indicated that the Company was aware at least as early as May 2024 that the FDA had identified significant issues in the govorestat NDA.
On this news, Applied Therapeutics’ stock price fell $0.31 per share, or 18.34%, to close at $1.38 per share on December 4, 2024.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Applied Therapeutics’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Applied Therapeutics class action, go to www.faruqilaw.com/APLT or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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