Lost Money in Amylyx Pharmaceuticals, Inc.? Gibbs Law Group Investigates Potential Securities Law Violations

OAKLAND, Calif.--(BUSINESS WIRE)--Gibbs Law Group reminds investors that a lawsuit has been filed against Amylyx Pharmaceuticals, Inc. (“Amylyx Pharmaceuticals”) (NASDAQ: AMLX), on behalf of investors who purchased or acquired shares between November 11, 2022, and November 8, 2023. Investors are encouraged to contact our firm before the April 9, 2024 lead plaintiff deadline to discuss their options for participation in the lawsuit.

What Should Amylyx Pharmaceuticals Investors Do?

If you invested in Amylyx Pharmaceuticals, visit our website by clicking here, or call us toll-free at [phone] to discuss how you may be able to recover your losses. Our investigation concerns whether Amylyx Pharmaceuticals has violated federal securities laws by providing false or misleading statements to investors.

What is the Amylyx Pharmaceuticals Lawsuit About?

Biotechnology company Amylyx Pharmaceuticals develops treatments for amyotrophic lateral sclerosis (“ALS”), and other neurodegenerative diseases. One of its approved drugs for adult ALS is commercially known as “RELYVRIO.” The lawsuit alleges, among other things, that Amylyx Pharmaceuticals “overstated RELYVRIO’s commercial prospects,” and prescription rate, and then “attempted to hide the foregoing negative trends from investors and the market by blocking analysts from viewing RELYVRIO’s prescription.”

Previously, on November 9, 2023, Amylyx Pharmaceuticals announced its 2023 Q3 financial results and hosted a conference call to discuss these results. During the call, the company revealed that despite “a steady cadence of new prescriptions written in the third quarter” for RELYVRIO, its “results were impacted by a number of factors” including a slowdown in net adds “primarily driven by increased discontinuations for a variety of reasons.” That same day, Investor’s Business Daily published an article addressing the disappointing financial results, noting that an analyst disputed Amylyx’s claim that the number of new patients starting treatment with RELYVRIO was “steady,” because his “math suggest[ed] otherwise,” and “Amylyx blocked analysts from seeing RELYVRIO’s prescription data” during the summer of 2023.

Then, on March 8, 2024, Amylyx announced topline results from a 48-week trial of RELYVRIO, concluding that “[the] study did not meet prespecified primary or secondary endpoints.” The company further disclosed that it is pausing promotion of RELYVRIO and will announce further plans for the drug within eight weeks, “which may include voluntarily withdrawing” it from the market.

Following this announcement, Amylyx Pharmaceuticals shares plummeted over 81% in intraday trading on March 8, 2024, causing significant harm to investors.

About Gibbs Law Group

Gibbs Law Group represents investors throughout the country in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world’s largest corporations, and our attorneys have received numerous honors for their work, including “Best Lawyers in America,” “Top Plaintiff Lawyers in California,” “California Lawyer Attorney of the Year,” “Class Action Practice Group of the Year,” “Consumer Protection MVP,” and “Top Women Lawyers in California.”

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