Amicus Therapeutics, Inc. and its Chief Executive Officer, John F. Crowley, were named as defendants in a lawsuit alleging that they violated the Federal Securities Laws filed by Block & Leviton LLP.
The lawsuit, filed in Federal Court in the District of New Jersey, Lifestyle Investments, LLC v. Amicus Therapeutics, Inc., alleges that defendants issued a press release on September 15, 2015 in which they misrepresented that Amicus received positive news from a Pre-New Drug Application (NDA) meeting with the FDA for its NDA for its oral small molecule pharmacological chaperone migalastat for the treatment of Fabry disease. Defendants publicly stated that, based on information provided by the FDA the NDA was on track for filing in the fourth quarter of 2015.
Just two weeks later, however, on October 2, 2015, Amicus reversed course, stating that the FDA news was not positive and that it would no longer be in a position to submit its NDA in the fourth quarter of 2015. Amicus’ stock price plunged on this news, falling by 54% to $6.39 per share. Certain Amicus executives sold Amicus shares between September 15, 2015 and October 2, 2015.
If you purchased Amicus stock between September 15, 2015 and October 1, 2015 you may be a member of the alleged class.
