SAN DIEGO and CRANBURY, N.J., Oct. 12, 2015 /PRNewswire/ -- Shareholder rights law firm Robbins Arroyo LLP announces that a securities fraud class action complaint was filed in the U.S. District Court for the District of New Jersey. The complaint alleges that officers and directors of Amicus Therapeutics, Inc. (NASDAQGM: FOLD) violated the Securities Exchange Act of 1934 between September 15, 2015 and October 1, 2015, by making materially false and misleading statements about Amicus Therapeutics' business prospects. Amicus is a biopharmaceutical company that develops and commercializes therapeutic products for rare and orphan diseases.
View this information on the law firm's Shareholder Rights Blog:
Amicus Issues Misleading Press Release
According to the complaint, on September 15, 2015, Amicus executives met with the U.S. Food and Drug Administration ("FDA") to discuss the development of its new drug, migalastat. That same day, Amicus and its Chief Executive Officer, John F. Crowley, issued a press release describing the meeting and its outcome to Amicus investors. The press release stated that the collaborative meeting with the FDA represented a significant milestone in advancing therapies for people living with debilitating genetic disorders. The press release further stated that the meeting reinforced Amicus' confidence in its new drug application ("NDA").
However, the complaint alleges the statements from the press release were false and misleading. At the meeting, the FDA expressed concerns about Amicus' forthcoming NDA for migalastat. Following Amicus' receipt of the final minutes from the meeting and discussions with the agency, Amicus was forced to acknowledge its press release was false. Amicus corrected the misstatements in a press release on October 2, 2015, by declaring that it was no longer on track to submit the NDA in 2015. On this news, Amicus stock fell by $7.36, or over 50%, to close at $6.39 on October 2, 2015.
Amicus Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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SOURCE Robbins Arroyo LLP