NEW YORK, April 11, 2016 /PRNewswire/ -- Wolf Popper LLP has filed a class action lawsuit against PTC Therapeutics, Inc. (NASDAQ: PTCT), and certain of its officers, in the U.S. District Court for the District of New Jersey, on behalf of all persons who purchased PTC securities on the open market and/or pursuant to a Registration Statement, during the period May 7, 2014 through February 29, 2016, and were damaged thereby. This action alleges claims for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
If you are a member of the Class, you may file a motion no later than May 2, 2016 to be appointed a lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Investors who purchased PTC securities during the Class Period and suffered losses are urged to contact Wolf Popper to discuss their rights.
The Complaint charges that during the Class Period, defendants issued a series of false and misleading statements that misrepresented that PTC's lead product candidate Translarna, "was efficacious" and the "totality of the clinical data from two large, placebo-controlled clinical trials across over 400 patients demonstrate Translarna's ability to slow disease progression."
Defendants failed to disclose, among other things, that: (i) PTC's NDA for Translarna was not sufficiently complete to permit a substantive review by the FDA as PTC failed to provide substantial scientific evidence of Translarna's effectiveness; (ii) the retrospective subgroup analysis in the Phase 2b trial failed to demonstrate efficacy; and (iii) the Company made a post hoc adjustment in its Phase 3 trial by eliminating data from a majority of enrolled patients.
On February 29, 2016, PTC's CEO revealed that, according to the FDA, the Company did not provide substantial scientific evidence of effectiveness as it eliminated "data from a majority of enrolled patients." As a result, PTC shares declined 30% on March 1.
Wolf Popper has successfully recovered billions of dollars for defrauded investors. The firm's reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. See www.wolfpopper.com
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SOURCE Wolf Popper LLP