Deadline Reminder: The Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Adamas Pharmaceuticals, Inc.
BENSALEM, Pa.--(BUSINESS WIRE)--Dec 18, 2019--
Law Offices of Howard G. Smith reminds investors of the upcoming February 10, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Adamas Pharmaceuticals, Inc. (“Adamas” or the “Company”) (NASDAQ: ADMS ) securities between August 8, 2017 and September 30, 2019, inclusive (the “Class Period”).
Investors suffering losses on their Adamas investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
On March 4, 2019, Adamas revised previous prescription growth estimates for GOCOVRI, the Company’s primary product, warned of a continued slowdown in GOCOVRI prescriptions, and refused to predict GOCOVRI’s ability to achieve a sizeable market share.
On this news, Adamas’ share price fell $3.99 per share, or more than 32%, to close at $8.16 per share on March 5, 2019, thereby injuring investors.
Then, on September 30, 2019, an analyst lowered its rating on Adamas due to “existing overhangs,” including lack of “Gocovri coverage: a number of national formularies exclude Gocovri.” The analyst “expect[ed] reimbursement hurdles in MSWI space especially with generic Ampyra launch.”
On this news, Adamas’ share price fell $3.02 per share, or more than 42%, over several trading sessions to close at $4.03 per share on October 3, 2019, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that health insurers were excluding Adamas’s primary product, GOCOVRI, from their prescription formularies or requiring patients to use “step therapy” - i.e., making patients try immediate-release amantadine prior to covering GOCOVRI; (2) that the rapid increase in physicians prescribing GOCOVRI during the Class Period was not due to its efficacy; and (3) that as a result of the foregoing, the Company’s financial statements about Adamas’s business, operations, and prospects were materially false and misleading at all relevant times.
If you purchased Adamas securities, you may move the Court no later than February 10, 2020 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com:https://www.businesswire.com/news/home/20191218005284/en/
CONTACT: Law Offices of Howard G. Smith
Howard G. Smith, Esquire
KEYWORD: PENNSYLVANIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES
SOURCE: Law Offices of Howard G. Smith
Copyright Business Wire 2019.
PUB: 12/18/2019 12:00 PM/DISC: 12/18/2019 12:01 PM