NEW YORK, NY - 
(NewMediaWire) - April 4, 2024 - Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) reminds investors that a complaint has been filed on behalf of purchasers or acquirers of the securities of Amylyx Pharmaceuticals, Inc. (“Amylyx” or the “Company”) (NASDAQ: AMLX) between November 11, 2022 and November 8, 2023 (the “Class Period”). Click Here to Join the Action.
Amylyx is a commercial-stage biotechnology company that engages in the discovery and development of treatments for Amyotrophic Lateral Sclerosis ("ALS"). During the Class Period, the Company’s product known commercially as RELYVRIO was FDA-approved while a Phase 3 clinical trial of the drug was underway.
The complaint alleges that Amylyx made false and misleading statements and failed to disclose that: (1) it overstated RELYVRIO's commercial prospects; (2) patients were discontinuing treatment with RELYVRIO after 6 months; (3) the rate at which new patients were beginning treatment with RELYVRIO was declining; (4) accordingly, Amylyx overstated RELYVRIO's prescription rate; and (5) the company attempted to hide the foregoing negative trends by blocking analysts from viewing RELYVRIO prescription data.
According to the complaint, Investors learned the truth on November 9, 2023, when Amylyx announced disappointing Q3 2023 financial results and disclosed 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."
According to the complaint, on the same day, Investor's Business Daily published an article citing an Evercore ISI analyst, who reportedly questioned the Company's assertion that new patients starting treatment with RELYVRIO was "steady," noting that his math suggested otherwise, and said that Amylyx blocked analysts from viewing RELYVRIO prescription data in the summer of 2023.
Following these disclosures, Amylyx's stock price fell $5.74 per share, or 31.89%, to close at $12.26 per share on November 9, 2023.
Then, on March 8, 2024, after the Class Period, Amylyx issued a press release disclosing that its trial of RELYVRIO had failed to meet its primary or secondary endpoints and that the Company may voluntarily withdraw RELYVRIO from the market.
Following the March 8, 2024 news, Amylyx shares fell by $15.61 per share, or about 82%, to close at $3.36 per share.
Finally, on April 4, 2024, before the market opened, Amylyx issued a press release announcing its formal intention to remove RELYVRIO from the market and that Amylyx had begun a process with the FDA and Health Canada of voluntarily discontinuing the market authorization for RELYVRIO.
If you are a member of the proposed Class, you may move the court no later than April 9, 2024 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
WHY CONTACT KAPLAN FOX - Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey. With over 50 years of experience in securities litigation, Kaplan Fox offers the professional experience and track record that clients demand. Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.
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If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela A. Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
