Amylyx Pharmaceuticals, Inc.
A securities class action has been filed in the USDC — S.D.N.Y. against Amylyx Pharmaceuticals, Inc. (“Amylyx” or the “Company”), on behalf of all persons and entities that purchased or otherwise acquired Amylyx securities between November 11, 2022 and November 8, 2023, both dates inclusive (the “Class Period”).
Amylyx is a commercial-stage biotechnology company that engages in the discovery and development of treatments for amyotrophic lateral sclerosis (“ALS”), also known as Lou Gehrig’s disease, and other neurodegenerative diseases. The Company’s products include, among others, AMX0035 (commercially referred to as “RELYVRIO” in the U.S.), a dual UPRBax apoptosis inhibitor composed of sodium phenylbutyrate and taurursodiol, for the treatment of ALS in adults in the U.S.
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:
(1) Defendants had overstated RELYVRIO’s commercial prospects;
(2) patients were discontinuing treatment with RELYVRIO after six months;
(3) the rate at which new patients were starting treatment with RELYVRIO was decreasing;
(4) accordingly, Defendants had also overstated RELYVRIO’s prescription rate;
(5) Defendants attempted to hide the foregoing negative trends from investors and the market by blocking analysts from viewing RELYVRIO’s prescription data; and
(6) as a result, Defendants’ public statements were materially false and misleading at all relevant times, thereby harming investors.
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