Amylyx Pharmaceuticals, Inc. (AMLX) Investigation: Bronstein, Gewirtz & Grossman, LLC Encourages Investors to Seek Compensation for Alleged Wrongdoings
News provided byACCESSWIRE
Nov 20, 2023, 8:00 AM ET
NEW YORK, NY / ACCESSWIRE / November 20, 2023 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Amylyx Pharmaceuticals, Inc. ("Amylyx" or "the Company") (NASDAQ:AMLX). Investors who purchased Amylyx securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: bgandg.com/amlx.
The investigation concerns whether Amylyx has violated federal securities laws.
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.
If you are aware of any facts relating to this investigation or purchased Amylyx securities, you can assist this investigation by visiting the firm's site: bgandg.com/amlx. You can also contact Peretz Bronstein or his law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 332-239-2660.
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SOURCE: Bronstein, Gewirtz & Grossman, LLC
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