Robbins LLP is Investigating the Allegations Against Amylyx Pharmaceuticals, Inc. (AMLX)
Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Amylyx Pharmaceuticals, Inc. (NASDAQ: AMLX) securities between November 11, 2022 and November 8, 2023. 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. The Company’s products include, among others, AMX0035 (commercially referred to as “RELYVRIO” in the U.S.) for the treatment of ALS in adults in the U.S.
The Allegations: According to the complaint, during the class period, defendants misled investors regarding RELYVRIO’s commercial prospects. Specifically, defendants failed to disclose that: (i) patients were discontinuing treatment with RELYVRIO after six months; (ii) the rate at which new patients were starting treatment with RELYVRIO was decreasing; (iii) accordingly, defendants had also overstated RELYVRIO’s prescription rate; and (v) defendants attempted to hide the foregoing negative trends from investors and the market by blocking analysts from viewing RELYVRIO’s prescription data.
On November 9, 2023, Amylyx announced disappointing third quarter 2023 financials, missing consensus estimates by $0.12. On that same day, Investor’s Business Daily published an article addressing the Company’s disappointing financial results. On this news, Amylyx’s stock price fell $5.74 per share, or 31.89%, to close at $12.26 per share on November 9, 2023.
What Now: You may be eligible to participate in the class action against Amylyx Pharmaceuticals, Inc. Shareholders who want to serve as lead plaintiff for the class must file their papers with the court by April 9, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
