NEW YORK, April 14, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC, notifies investors of class action against PTC Therapeutics Inc. ("PTC" or "the Company") (NASDAQ: PTCT). The class action has been filed in the United States District Court for the District of New Jersey on behalf of a class consisting of all persons or entities who purchased PTC securities between May 6, 2014 and February 3, 2016, both dates 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").
The Complaint alleges that during 2014 through 2015, PTC Therapeutics hyped the effectiveness of Translarna, the company's lead drug candidate. PTC also specified that its ongoing launch of Translarna across Europe had performed well, based on positive feedback from key opinion leaders and physicians. In December 2014, PTC began submitting a New Drug Application ("NDA") to the U.S. Food and Drug Administration ("FDA") for the approval of Translarna. On February 23, 2016, PTC Therapeutics issued a press release stating that it received a Refuse to File letter from the FDA regarding the company's NDA for Translarna because "the application was not sufficiently complete to permit a substantive review." The complaint continues to state that the company failed to disclose that during the class period the NDA was inefficiently complete and would not be reviewed or approved by the FDA.
On February 23, 2016, JP Morgan Securities demoted PTC stock and critiqued the company's transparency regarding Translarna's NDA and potential for FDA approval. Following this news, PTC stock dropped $17.42 per share, or over 61%, to close at $10.84 per share on February 23, 2016.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint and join the action, visit the firm's website: http://www.bgandg.com/#!ptct/t7zco. To discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email email@example.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in PTC Therapeutics you have until May 2, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | firstname.lastname@example.org
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