Glancy Prongay & Murray LLP (“GPM”), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that acquired Adamas Pharmaceuticals, Inc. (“Adamas” or the “Company”) (NASDAQ: ADMS) securities between August 8, 2017 and September 30, 2019, inclusive (the “Class Period”). Adamas investors have until February 10, 2020 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.
On March 4, 2019, Adamas revised previous prescription growth estimates for GOCOVRI, the Company’s primary product, warned of a continued slowdown in GOCOVRI prescriptions, and refused to predict GOCOVRI’s ability to achieve a sizeable market share.
On this news, Adamas’ share price fell $3.99 per share, or more than 32%, to close at $8.16 per share on March 5, 2019, thereby injuring investors.
Then, on September 30, 2019, an analyst lowered its rating on Adamas due to “existing overhangs,” including lack of “Gocovri coverage: a number of national formularies exclude Gocovri.” The analyst “expect[ed] reimbursement hurdles in MSWI space especially with generic Ampyra launch.”
On this news, Adamas’ share price fell $3.02 per share, or more than 42%, over several trading sessions to close at $4.03 per share on October 3, 2019, thereby injuring investors further.
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: (1) that health insurers were excluding Adamas's primary product, GOCOVRI, from their prescription formularies or requiring patients to use "step therapy" - i.e., making patients try immediate-release amantadine prior to covering GOCOVRI; (2) that the rapid increase in physicians prescribing GOCOVRI during the Class Period was not due to its efficacy; and (3) that as a result of the foregoing, the Company's financial statements about Adamas's business, operations, and prospects were materially false and misleading at all relevant times.
Follow us for updates on Twitter: twitter.com/GPM_LLP.
If you purchased Adamas securities during the Class Period, you may move the Court no later than February 10, 2020 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 wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.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/20191213005459/en/
Copyright Business Wire 2019