If you suffered losses exceeding $100,000 investing in Amylyx stock or options between November 11, 2022 and November 8, 2023 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). You may also click here for additional information: www.faruqilaw.com/AMLX.
There is no cost or obligation to you.
NEW YORK, Feb. 15, 2024 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Amylyx Pharmaceuticals, Inc. (“Amylyx” or the “Company”) (NASDAQ: AMLX) and reminds investors of the April 9, 2024 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 minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
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: (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’ public statements were materially false and misleading at all relevant times.
On November 9, 2023, Amylyx issued a press release announcing its third quarter (“Q3”) 2023 results, including Q3 GAAP earnings-per-share of $0.30, missing consensus estimates by $0.12. The same day, Investor’s Business Daily published an article entitled “Amylyx Crashes 27% As New ALS Drug Faces A Barrage Of Troubles”. The article cited an ISI analyst, who questioned Amylyx’s claim that the number of new patients starting treatment with its approved drug Relyvrio for amyotrophic lateral sclerosis (a/k/a Lou Gehrig’s disease) was “steady” despite seeing patients drop off of its Relyvrio treatment after six months. Specifically, the analyst noted that his math suggested otherwise and that Amylyx had blocked analysts from seeing Relyvrio prescription data in the summer of this year. The same analyst also stated that, “[k]nowing that [Amylyx’s] stock had underperformed in 2023 already, management could have communicated the discontinuations dynamic much earlier,” and that the “[s]tock move today in a bad biotech tape and fund performance doesn’t help investor confidence among folks that have held onto the stock.”
On this news, Amylyx’s stock price fell $5.74 per share, or 31.89%, to close at $12.26 per share on November 9, 2023.
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 Amylyx’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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