NEW YORK, March 11, 2016 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against PTC Therapeutics, Inc. (“PTC Therapeutics” or the “Company”) (NASDAQ:PTCT) and certain of its officers. The class action, filed in United States District Court, District of New Jersey, is on behalf of a class consisting of all persons or entities who purchased PTC Therapeutics securities between May 6, 2014 and February 23, 2016 inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased PTC Therapeutics securities during the Class Period, you have until May 2, 2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
PTC Therapeutics is a biopharmaceutical company focused on the discovery, development and commercialization of orally administered, small molecule therapeutics targeting an area of RNA biology the Company refers to as post-transcriptional control. The Company’s lead product is “Translarna,” which is an oral, protein restoration therapy for the treatment of nonsense mutation Duchenne muscular dystrophy (“nmDMD”).
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company’s New Drug Application (‘NDA”) for Translarna that it submitted to the FDA was not sufficiently complete to permit a substantive review of the application; (2) that, as such, the application would not be reviewed nor approved by the FDA; (3) that the impending non-approval of the NDA would have a negative material impact on the Company’s operations and prospects; and (4) that, as a result of the foregoing Defendants’ statements about PTC Therapeutics’ business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
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On February 23, 2016, the Company issued a press release entitled “PTC Receives Refuse to File Letter from FDA for TranslarnaTM (ataluren).” Therein, the Company stated that it received a Refuse to File letter from the United States Food and Drug Administration (“FDA”) regarding the Company’s NDA for Translarna because “the application was not sufficiently complete to permit a substantive review.”
On this news, shares of PTC Therapeutics fell $17.42 per share, or more than 61%, to close at $10.84 per share on February 23, 2016, on unusually heavy trading volume.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com