NEW YORK, March 11, 2024 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Amylyx Pharmaceuticals, Inc. (“Amylyx” or the “Company”) (NASDAQ: AMLX) securities during the period of November 11, 2022 to November 8, 2023, inclusive (“the Class Period”). Investors have until April 4, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
[Click here to learn more about the class action]
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. On November 9, 2023, Amylyx issued a press release announcing its third quarter (“Q3”) 2023 financial results, including Q3 GAAP earnings per share of $0.30, missing consensus estimates by $0.12. On a conference call with investors and analysts to discuss these results, Company management revealed that Amylyx’s “results were impacted by a number of factors” including a “slowdown in net adds” for RELYVRIO in Q3, 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.” Also on November 9, 2023, Investor’s Business Daily published an article addressing the Company’s disappointing financial results (the “IBD Article”). The IBD 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.” Following these disclosures and the publication of the IBD Article, Amylyx’s stock price fell $5.74 per share, or approximately 31.89%, from $18.00 per share to close at $12.26 per share on November 9, 2023.
The lawsuit alleges that Amylyx made false and/or misleading statements and/or failed to disclose that: (i) the Company had overstated RELYVRIO's commercial prospects; (ii) patients were discontinuing treatment with RELYVRIO after six months; and (iii) the rate at which new patients were starting treatment with RELYVRIO was decreasing.
If you purchased or otherwise acquired Amylyx securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
