NEW YORK, Oct. 13, 2015 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Amicus Therapeutics, Inc. ("Amicus" or the "Company")(NASDAQ: FOLD) and certain of its officers. The class action, filed in United States District Court, District of New Jersey, is on behalf of a class consisting of all persons or entities who purchased Amicus securities between September 15, 2015 and October 1, 2015 inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased Amicus securities during the Class Period, you have until December 7, 2015 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888-4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Amicus Therapeutics, Inc., a biopharmaceutical company, develops and commercializes therapeutic products for rare and orphan diseases. Its product candidate is a small molecule that can be used as a monotherapy and in combination with enzyme replacement therapy (ERT) for Fabry disease. The company's development programs include next-generation ERTs for lysosomal storage disorders (LSDs), such as Fabry disease, Pompe disease, and Mucopolysaccharidosis Type I. It also develops pharmacological chaperone migalastat HCl as a monotherapy that has completed two Phase III global registration studies for Fabry disease; ATB200, a recombinant human acid-alpha glucosidase that is in late preclinical development for Pompe disease; and AT3375 for the treatment of Parkinson's disease. The company has strategic collaboration with GlaxoSmithKline PLC to develop and commercialize migalastat.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants misrepresented when it would be able to file its New Drug Application with the Food and Drug Administration ("FDA") for its NDA for its oral small molecule pharmacological chaperone migalastat for the treatment of Fabry disease. Defendants publicly stated that, based on information provided by the FDA, the NDA was on track for filing in the fourth quarter of 2015.
On September 15, 2015, Amicus issued an upbeat press release, touting the outcome of the Company's meeting with the FDA and stating that the company planned to submit a New Drug Application for migalastat in the fourth quarter of 2015.
On October 2, 2015, the company abruptly issued a press release contradicting Amicus' stated account of the September 15, 2015 meeting. While the headline innocuously indicated that Amicus was providing a "U.S. Regulatory Update," the press release actually informed the stock market that Amicus' September 15, 2015 press release incorrectly represented the company's meeting with the FDA.
On this news, Amicus' stock price, which closed at $13.75 per share on October 1, 2015, and traded as high as $18.23 during the period between September 15, 2015 and October 1, 2015, opened on October 2, 2015 at $5.98 per share and traded as low as $5.69 per share, before closing at $6.39 per share.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm 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 numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
SOURCE Pomerantz LLP