NEW YORK, May 18, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Orphazyme A/S ("Orphazyme" or the "Company") (NASDAQ: ORPH). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Orphazyme and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On or around September 29, 2020, Orphazyme conducted its initial public offering ("IPO"), issuing 7.6 million American depositary shares ("ADSs") priced at $11.00 per share. Then, on May 7, 2021, Orphazyme issued a press release "announc[ing] topline data from pivotal trial of arimoclomol in Amyotrophic Lateral Sclerisos (ALS)". The press release disclosed that the Company's "ORARIALS-01 pivotal trial . . . did not meet its primary and secondary endpoints to show benefit in people living with ALS."
On this news, Orphazyme's ADS price fell $2.81 per ADS, or 32.83%, to close at $5.75 per ADS on May 7, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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 80 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