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Amylyx Pharmaceuticals, Inc. (NASDAQ: AMLX) Investor Alert: Lawsuit alleges False and Misleading Statements

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An investor, who purchased shares of Amylyx Pharmaceuticals, Inc. (NASDAQ: AMLX), filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Amylyx Pharmaceuticals, Inc. in connection with certain allegedly false and misleading statements made between November 11, 2022 and November 8, 2023.

 

If you purchased a significant amount of shares of Amylyx Pharmaceuticals, Inc. (NASDAQ: AMLX) between November 11, 2022 and November 8, 2023, and / or if you purchased any NASDAQ: AMLX shares prior to November 2022 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: April 9, 2024. NASDAQ: AMLX investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.

 

Cambridge, MA based Amylyx Pharmaceuticals, Inc., a commercial-stage biotechnology company, engages in the discovery and development of treatment for amyotrophic lateral sclerosis (ALS) and neurodegenerative diseases.

 

On November 9, 2023, Amylyx Pharmaceuticals, Inc.  announced 3Q 2023 results, including 3Q GAAP earnings-per-share, missing consensus estimates by $0.12. On an earnings call the same day, management stated 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 the increase in “discontinuations” of treatment after six months. An ISI analyst questioned the Company’s claim specifically noting 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.”

 

Also on November 9, 2023, Investor’s Business Daily published an article addressing the Company’s disappointing financial results. The  Article cited an Evercore ISI analyst, who questioned Amylyx’s assertion that the number of new patients starting treatment with RELYVRIO was “steady”, noting that his math suggested otherwise and that Amylyx had blocked analysts from viewing RELYVRIO’s prescription data in the summer of 2023. The 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.”

 

Shares of Amylyx Pharmaceuticals, Inc. (NASDAQ: AMLX) declined from $41.93 per share on January 30, 2023, to as low as $11.82 per share on November 16, 2023.

 

According to the complaint the plaintiff alleges on behalf of purchasers of Amylyx Pharmaceuticals, Inc. (NASDAQ: AMLX) common shares between November 11, 2022 and November 8, 2023, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between November 11, 2022 and November 8, 2023, the Defendants made false and/or misleading statements and/or failed to disclose that the Defendants had overstated RELYVRIO’s commercial prospects, that patients were discontinuing treatment with RELYVRIO after six months, that the rate at which new patients were starting treatment with RELYVRIO was decreasing, that accordingly, that the Defendants had also overstated RELYVRIO’s prescription rate, that the Defendants attempted to hide the foregoing negative trends from investors and the market by blocking analysts from viewing RELYVRIO’s prescription data, and that as a result, the Defendants’ public statements were materially false and misleading at all relevant times.

 

Those who purchased shares of Amylyx Pharmaceuticals, Inc. (NASDAQ: AMLX) have certain options and should contact the Shareholders Foundation.

 

Contact:

Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone:  +1-(858)-779-1554
Fax:  +1-(858)-605-5739
mail@shareholdersfoundation.com

About:

The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

 

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