LOS ANGELES, Jan. 23, 2020 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming February 10, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of Adamas Pharmaceuticals, Inc. (“Adamas” or the “Company”) (NASDAQ: ADMS) investors who purchased securities between August 8, 2017 and September 30, 2019, inclusive (the “Class Period”).
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 Charles Linehan, 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.
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If you purchased or otherwise acquired Adamas securities during the Class Period, you may move the Court no later than February 10, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. 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 the pending class action lawsuit, please contact Charles Linehan, 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.
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Contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com
