RADNOR, Pa., March 21, 2016 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against PTC Therapeutics, Inc. (Nasdaq: PTCT) ("PTC" or the "Company") on behalf of purchasers of the Company's securities between May 6, 2014 and February 29, 2016, inclusive (the "Class Period").
PTC shareholders who purchased their securities during the Class Period may, no later than May 2, 2016, petition the Court to be appointed as a lead plaintiff representative of the class.
PTC shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299-7706 or at firstname.lastname@example.org. For additional information about this lawsuit, or to request information about this action online, please visit https://www.ktmc.com/new-cases/ptc-therapeutics-inc.
PTC is a biopharmaceutical company focused on the discovery, development and commercialization of orally administered, small molecule therapeutics targeting an area of ribonucleic acid ("RNA") biology, known as post-transcriptional control.
The shareholder class action complaint alleges that PTC and certain of its executive officers made a series of false and misleading statements, and failed to disclose material adverse facts, about the Company's new drug application ("NDA") for its lead product candidate, Translarna.
On February 23, 2016, PTC disclosed that it had received a "Refuse to File Letter" from the FDA regarding the Company's NDA for Translarna as "the application was not sufficiently complete to permit a substantive review." On this news, shares of PTC's stock declined $17.42 per share, or over 61%, to close on February 23, 2016 at $10.84 per share.
On February 29, 2016, PTC provided additional details about the FDA's Refusal to File Letter, and disclosed that: (1) "in the view of the FDA, both the Phase 2b and ACT DMD trials were negative and do not provide substantial evidence of effectiveness;" (2) the FDA "characterized certain of the company's adjustments to the ACT DMD study as post hoc and therefore not supportive of effectiveness;" and (3) "the FDA noted that the NDA did not contain adequate information regarding the abuse potential of Translarna, a requirement for new molecules that cross the blood-brain barrier." On this news, shares of PTC's stock declined an additional $2.43 per share, or over 30%, to close on March 1, 2016 at $5.55 per share.
PTC shareholders who purchased their securities during the Class Period (May 6, 2014 – February 29, 2016) may, no later than May 2, 2016, petition the Court to be appointed as a lead plaintiff representative of the class.
Members of the purported class may petition the Court to be appointed as a lead plaintiff through Kessler Topaz Meltzer & Check or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
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SOURCE Kessler Topaz Meltzer & Check, LLP