Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit Has Been Filed Against Orphazyme A/S
NEW YORK, July 12, 2021 (GLOBE NEWSWIRE) – Bernstein Liebhard, a nationally recognized investor rights law firm, has announced that it has filed a class action lawsuit on behalf of investors who have purchased or acquired Orphazyme A / S’s securities became (“Orphazyme” or the “Company”) (NASDAQ: ORPH) from September 29, 2020 to June 18, 2021 (the “Course Period”). The lawsuit filed in the United States District Court for the Northern District of Illinois alleges violations of the Securities Act of 1933 and the Exchange Act of 1934.
If you Have purchased Orphazyme securities and / or wish to discuss your legal rights and options Please visit the Orphazyme class action lawsuit or contact Noah Wiesner toll-free at (877) 779-1414 or firstname.lastname@example.org
The complaint alleges that in the company’s registration statement dated September 3, 2020 (the “Registration Statement”) and throughout the class action period, the defendants made materially false and misleading information about the company’s business, operational and compliance policies to have. In particular, the Registration Statement and Defendants made false and / or misleading statements and / or did not disclose that: (i) arimoclomol was not as effective as Defendants had shown in the treatment of inclusion body myositis (“IBM”); (ii) Arimoclomol was not as effective in treating Amyotrophic Lateral Sclerosis (“ALS”) as Defendants claimed; (iii) the Arimoclomol New Medicinal Product (“NDA”) application for Niemann-Pick Disease Type C (“NPC”) was incomplete and / or required additional evidence to support the benefit-risk assessment of this NDA ; (iv) as a result of (iii) it was unlikely that the FDA would approve the arimoclomol NDA for NPC in its current form; (v) the Company’s general business prospects and Arimoclomol’s business prospects have been significantly overstated; and (vi) as a result, Defendants’ registration and public statements during the class action period were materially false and / or misleading and did not contain any required information.
The story goes on
On March 29, 2021, Orphazyme published an “announce” press release[ing] its phase 2/3 trial evaluating arimoclomol for the treatment of [IBM] … did not meet its primary and secondary endpoints. Following the news, Orphazyme’s American Depositary Share (“ADS”) fell $ 3.59 per ADS, or 28.97%, to close at $ 8.80 per ADS on March 29, 2021.
On May 7, 2021, Orphazyme published a press release “announce”[ing] Top-line data from the pivotal study with arimoclomol in [ALS.]”The press release revealed that the company’s” pivotal study … failed to meet its primary and secondary endpoints to show any benefit to people with ALS. ” Following 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.
Then, on June 18, 2021, Orphazyme issued a press release announcing the receipt of a full response letter (“CRL”) from the FDA following the agency’s review of the NDA for arimoclomol for the treatment of NPC. The press release announced that the FDA had rejected the arimoclomol NDA for NPC. Following this news, Orphazyme’s ADS price fell $ 7.23 per ADS, or 49.66%, to close at $ 7.33 per ADS on June 18, 2021.
If you want to serve as the lead plaintiff, you must call the court no later than September 7, 2021. A lead plaintiff is a representative party who acts on behalf of other class members in the conduct of the dispute. Your ability to partake in a recovery does not require you to be the lead plaintiff. If you do nothing, you can remain an absent class member.
If you Have purchased Orphazyme securities and / or wish to discuss your legal rights and options please visit https://www.bernlieb.com/cases/orphazyme-orph-shareholder-class-action-lawsuit-fraud-stock-410/apply/ or contact Noah Wiesner free of charge at (877) 779-1414 or email@example.com
Since 1993, Bernstein Liebhard LLP has recovered over $ 3.5 billion for its clients. In addition to representing individual investors, the firm has been hired by some of the country’s largest public and private pension funds to oversee their assets and litigate on their behalf. As a result of its success in hundreds of lawsuits and class actions, the firm has been listed on the National Law Journal’s “Plaintiffs Hot List” thirteen times and The Legal 500 for ten consecutive years.
ADVERTISING LAWYER. © 2021 Bernstein Liebhard LLP. The firm responsible for this notification is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The attorney responsible for this complaint in the Connecticut state is Michael S. Bigin. Past results do not guarantee or predict a similar result with respect to future matters.
Bernstein Liebhard LLP