NEW YORK, NY / ACCESSWIRE / March 27, 2024 / Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against Amylyx Pharmaceuticals, Inc. ("Amylyx" or "the Company") (NASDAQ:AMLX) and certain of its officers.
Class Definition:
This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Amylyx securities between November 11, 2022 and November 8, 2023, inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: bgandg.com/AMLX.
Case Details:
Amylyx is a commercial-stage biotechnology company that engages in the discovery and development of treatments for Amyotrophic Lateral Sclerosis ("ALS"), also known as Lou Gehrig's disease, and other neurodegenerative diseases. The Company's products include, among others, AMX0035 (commercially referred to as "RELYVRIO" in the U.S.), a dual UPR-Bax apoptosis inhibitor composed of sodium phenylbutyrate and taurursodiol, for the treatment of ALS in adults in the U.S.
Following the U.S. Food and Drug Administration's September 2022 approval of RELYVRIO for the treatment of ALS in adults in the U.S., Defendants consistently touted the drug's commercial prospects and prescription rate.
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed 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.
What's Next?
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm's site: bgandg.com/AMLX or you may contact Peretz Bronstein, Esq. or his Law Clerk and Client Relations Manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 332-239-2660. If you suffered a loss in Amylyx you have until April 9, 2024, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as lead plaintiff.
There is No Cost to You
We represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys' fees, usually a percentage of the total recovery, only if we are successful.
Why Bronstein, Gewirtz & Grossman:
Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.
Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
332-239-2660 | info@bgandg.com
SOURCE: Bronstein, Gewirtz & Grossman, LLC
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