Amylyx Pharmaceuticals, Inc. Class Action Lawsuit - AMLX
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The Amylyx class action lawsuit seeks to represent purchasers or acquirers of Amylyx Pharmaceuticals, Inc. (NASDAQ: AMLX) securities between November 11, 2022 and November 8, 2023, inclusive (the “Class Period”). Captioned Shih v. Amylyx Pharmaceuticals, Inc., No. 24-cv-00988 (S.D.N.Y.), the Amylyx class action lawsuit charges Amylyx and certain of Amylyx’s top current and former executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Amylyx class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at email@example.com. Lead plaintiff motions for the Amylyx class action lawsuit must be filed with the court no later than April 9, 2024.
CASE ALLEGATIONS: Amylyx is a commercial-stage biotechnology company that engages in the discovery and development of treatments for amyotrophic lateral sclerosis (“ALS”) and other neurodegenerative diseases. Amylyx’s products include, among others, AMX0035 (commercially referred to as “RELYVRIO” in the United States) for the treatment of ALS in adults in the United States.
The Amylyx class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Amylyx and the other defendants had overstated RELYVRIO’s commercial prospects; (ii) patients were discontinuing treatment with RELYVRIO after six months; (iii) the rate at which new patients were starting treatment with RELYVRIO was decreasing; (iv) accordingly, Amylyx and the other defendants had also overstated RELYVRIO’s prescription rate; and (v) Amylyx and the other defendants attempted to hide the foregoing negative trends from investors and the market by blocking analysts from viewing RELYVRIO’s prescription data.
The Amylyx class action lawsuit further alleges that on November 9, 2023, Amylyx announced 2023 financial results, including third quarter GAAP earnings per share of $0.30, missing consensus estimates by $0.12. The complaint also alleges that Amylyx management revealed that, despite “a [purported] steady cadence of new prescriptions written in” the third quarter for RELYVRIO, Amylyx’s “results were impacted by a number of factors” including a “slowdown in net adds” for RELYVRIO in the third quarter, which “was primarily driven by increased discontinuations for a variety of reasons,” with only “60% of people taking RELYVRIO remain[ing] on therapy six months after initiation in the U.S.” On this news, the price of Amylyx stock fell nearly 32%, according to the complaint.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Amylyx securities during the Class Period to seek appointment as lead plaintiff in the Amylyx class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Amylyx class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Amylyx class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Amylyx class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.