NEW YORK, March 31, 2022 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Amylyx Pharmaceuticals, Inc. (“Amylyx” or the “Company”) (NASDAQ: AMLX). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Amylyx and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On or around January 7, 2022, Amylyx conducted its initial public offering, issuing 10 million shares of its common stock to the public at $19 per share. Then, on March 28, 2022, the U.S. Food and Drug Administration (“FDA”) released staff documents ahead of an Advisory Committee meeting convened to discuss AMX0035, the Company’s amyotrophic lateral sclerosis (“ALS”) therapy. Commenting on AMX0035, the FDA noted that the drug has met the primary endpoint in the CENTAUR Phase 3 trial used by the Company to demonstrate its efficacy, but the agency argues that its statistical significance with a p-value of 0.034 “is not highly persuasive.” On this news, the Company’s stock price fell $8.99 per share, or 35.96%, to close at $16.01 per share on March 28, 2022. Finally, on March 30, 2022, in a 6-4 vote, the FDA Advisory Committee voted against a finding that the study of AMX0035 as an ALS therapy established a conclusion that the drug is effective.
On this news, the Company’s stock price fell $2.08 per share, or 13.93%, to close at $12.85 per share on March 31, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
