NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into PTC Therapeutics, Inc. (NasdaqGS: PTCT).
On February 23, 2016, PTC revealed that it had received a Refuse to File (“RTF”) letter from the U.S. FDA on its New Drug Application (“NDA”) for its primary drug Translarna stating that it was “not sufficiently complete to permit a substantive review,” which meant that it was summarily rejected for facially-obvious deficiencies before even being formally filed by the FDA, the initial step in its process. The Company later revealed that the rejection was based on FDA’s determination that the clinical trials were negative and did not provide substantial evidence of effectiveness, that adjustments made to the data by the Company were post hoc and therefore not supportive of effectiveness, and that the Company had provided inadequate information regarding abuse potential.
Thereafter, a securities class action lawsuit was filed against PTC for failing to disclose material information, violating federal securities laws. Recently, the court denied the Company’s motion to dismiss, allowing the case to move forward. A shareholder derivative lawsuit was also recently filed against the Company’s current and former executives.
KSF’s investigation is focusing on whether PTC’s officers and/or directors breached their fiduciary duties to PTC’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of PTC Therapeutics shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (email@example.com).
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.