Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Orphazyme A/S (ORPH)
LOS ANGELES--(BUSINESS WIRE)--Jul 20, 2021--
Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming September 7, 2021 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Orphazyme A/S (“Orphazyme” or the “Company”) (NASDAQ: ORPH ) (a) American Depositary Shares (“ADSs” or “shares”) pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s September 2020 initial public offering (“IPO” or the “Offering”); and/or (b) securities between September 29, 2020 and June 18, 2021, inclusive (the “Class Period”).
If you suffered a loss on your Orphazyme investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/orphazyme-a-s/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at email@example.com to learn more about your rights.
In September 2020, Orphazyme completed its IPO, selling approximately 4 million ADSs at $11.00 per share. The same month, the Company’s New Drug Application (“NDA”) for arimoclomol for NPC was accepted by the U.S. Food and Drug Administration (“FDA”).
On March 29, 2021, the Company disclosed in a press release “its phase 2/3 trial evaluating arimoclomol for the treatment of [IBM] . . . did not meet its primary and secondary endpoints.”
On this news, the Company’s ADS price fell $3.59 per ADS, or 28.97%, to close at $8.80 per ADS on March 29, 2021, thereby injuring investors.
Then, on May 7, 2021, the Company disclosed in a press release “topline data from pivotal trial of arimoclomol in [ALS],” stating that the trial “did not meet its primary and secondary endpoints to show benefit in people living with ALS.”
On this news, the Company’s ADS price fell $2.81 per ADS, or 32.83%, to close at $5.75 per ADS on May 7, 2021, thereby injuring investors.
Then, on June 18, 2021, the Company announced it had received a Complete Response Letter (“CRL”) from the FDA. Specifically, the FDA had rejected the arimoclomol NDA for NPC “based on needing additional qualitative and quantitative evidence to further substantiate the validity and interpretation” of certain data and “that additional data are needed to bolster confirmatory evidence beyond the single phase 2/3 clinical trial to support the benefit-risk assessment of the NDA.”
On this news, the Company’s ADS price fell $7.23 per ADS, or 49.66%, to close at $7.33 per ADS on June 18, 2021, thereby injuring investors.
Finally, on June 21, 2021, Seeking Alpha reported that “Orphazyme [was] cut to sell at Guggenheim,” which noted that there is “little optionality left in the stock” and “it might make sense to wind down the company.”
On this news, the Company’s ADS price fell $0.81 per ADS, or 11.05%, to close at $6.52 per ADS on June 21, 2021, thereby injuring investors.
The complaint filed in this class action alleges that 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 made false and/or misleading statements and/or failed to disclose that: (1) arimoclomol was not as effective in treating IBM as Defendants had represented; (2) arimoclomol was not as effective in treating ALS as Defendants had represented; (3) the arimoclomol NDA for NPC was incomplete and/or required additional evidence and data to support the benefit-risk assessment of that NDA; (4) as a result of the foregoing, the FDA was unlikely to approve the arimoclomol NDA for NPC in its present form; (5) the Company’s overall business prospects, as well as arimoclomol’s commercial prospects, were significantly overstated; and (6) as a result, the Offering Documents and Defendants’ public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein.
If you purchased or otherwise acquired Orphazyme ADSs pursuant or traceable to the IPO and/or securities during the Class Period, you may move the Court no later than September 7, 2021 to request appointment as lead plaintiff in this putative class action lawsuit. 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 the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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/20210720005225/en/
CONTACT: Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES
SOURCE: Glancy Prongay & Murray LLP
Copyright Business Wire 2021.
PUB: 07/20/2021 01:00 PM/DISC: 07/20/2021 01:01 PM