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ORPH INVESTOR ALERT: Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit ...

July 12, 2021 GMT

NEW YORK, July 12, 2021 (GLOBE NEWSWIRE) -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Orphazyme A/S (“Orphazyme” or the “Company”) (NASDAQ: ORPH) from September 29, 2020 through June 18, 2021 (the “Class 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 purchased Orphazyme securities, and/or would like to discuss your legal rights and options please visit  Orphazyme Shareholder Class Action Lawsuit  or contact  Noah Wiesner  toll free at (877) 779-1414 or  nwiesner@bernlieb.com

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The complaint alleges that, in the Company’s September 3, 2020 registration statement (the “Registration Statement”) and throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, the Registration Statement and defendants made false and/or misleading statements and/or failed to disclose that: (i) arimoclomol was not as effective in treating Inclusion Body Myositis (“IBM”) as defendants had represented; (ii) arimoclomol was not as effective in treating Amyotrophic Lateral Sclerosis (“ALS”) as defendants had represented; (iii) the arimoclomol new drug application (“NDA”) for Niemann-Pick disease type C (“NPC”) was incomplete and/or required additional evidence to support the benefit-risk assessment of that NDA; (iv) as a result of (iii), the FDA was unlikely to approve the arimoclomol NDA for NPC in its present form; (v) the Company’s overall business prospects, as well as arimoclomol’s commercial prospects, were significantly overstated; and (vi) as a result, the Registration Statement and defendants’ public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein.

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On March 29, 2021, Orphazyme issued a press release “announc[ing] its phase 2/3 trial evaluating arimoclomol for the treatment of [IBM] … did not meet its primary and secondary endpoints. On this news Orphazyme’s American depositary share (“ADS”) price fell $3.59 per ADS, or 28.97%, to close at $8.80 per ADS on March 29, 2021.

On May 7, 2021, Orphazyme issued a press release “announc[ing] topline data from pivotal trial of arimoclomol in [ALS.]” The press release disclosed that the Company’s “pivotal trial…did not meet its primary and secondary endpoints to show benefit in people living with ALS.” On 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 receipt of a Complete Response Letter (“CRL”) from the FDA following the agency’s review of the NDA for arimoclomol for the treatment of NPC. The press release disclosed that the FDA had rejected the arimoclomol NDA for NPC. On 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 wish to serve as lead plaintiff, you must move the Court no later than September 7, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.

If you purchased Orphazyme securities, and/or would like 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  toll free at (877) 779-1414 or  nwiesner@bernlieb.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 retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.

ATTORNEY ADVERTISING. © 2021 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Contact Information

Noah Wiesner
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
Nwiesner@bernlieb.com