NEW YORK, Nov. 13, 2023 (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.
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On November 9, 2023, Amylyx issued a press release announcing its third quarter (“Q3”) 2023 results, including Q3 GAAP earnings-per-share of $0.30, missing consensus estimates by $0.12. The same day, Investor’s Business Daily published an article entitled “Amylyx Crashes 27% As New ALS Drug Faces A Barrage Of Troubles”. The article cited an ISI analyst, who questioned Amylyx’s claim 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 seeing patients drop off of its Relyvrio treatment after six months. Specifically, the analyst noted 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,” 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.”
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.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, 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 billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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