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AMLX.US
id: 1099

Amylyx (AMLX) Overstating Treatment Prospects Case

S.D. New York
Court
1:24-cv-00988
Case number
11 Nov 2022
Class period Start
08 Nov 2023
Class period End
09 Apr 2024
Lead Plaintiff motion deadline
  • $AMLX stockholder filed a claim vs. Amylyx for overstating RELYVRIO commercial prospects and prescription rate.
  • The news about 2023 financial report caused $AMLX to fall 31%, losing $387M+ in shareholder value.
After FDA approval of RELYVRIO for ALS treatment, Amylyx touted its commercial potential and prescription rate.

Then, Amylyx financial report for the Q3 of 2023 fell short of expectations, causing $AMLX to drop by almost 32%.

They cited a slowdown in new prescriptions for their drug RELYVRIO, with only 60% of patients continuing treatment six months after starting.

Based on these events, $AMLX stockholder filed a claim against Amylyx and its leaders, accusing them of the following:
  • Amylyx overstated RELYVRIO's commercial prospects, and the patients were discontinuing RELYVRIO treatment after six months.
  • They also tried to hide negative trends by blocking analysts from accessing prescription data.
Considering all the representations, investors have reasons to suspect that Amylyx misled them about RELYVRIO's prospects and prescription rate.
Alleged Offence
Mismanagement
Misleading Statements
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
09 November 2023
Filing date
09 February 2024
Lead Plaintiff Deadline
09 April 2024
Collecting participants…

Amylyx Pharmaceuticals Inc

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

    Ticker
    AMLX.US
    ISIN
    US0321085088
    CIK
    1658551
    Sector
    Healthcare
    Industry
    Biotechnology
    Country
    USA
    Address
    43 Thorndike Street, Cambridge, MA, United States, 02141