NEW YORK, June 07, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of PTC Therapeutics, Inc. (“PTC” or the “Company”) (NASDAQ: PTCT). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether PTC and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On May 23, 2023, PTC issued a press release “report[ing] topline results from the MOVE-FA trial of vatiquinone in patients with Friedreich ataxia,” in which the Company disclosed that “[t]he study did not meet its primary endpoint of statistically significant change in mFARS score at 72 weeks in the primary analysis population.” Then, on May 24, 2023, PTC disclosed that “following review of its preclinical and clinical development programs . . . the Company has determined to discontinue its preclinical and early research programs in its gene therapy platform. In connection with the strategic pipeline prioritization, on May 22, 2023, the Company committed to a reduction in workforce of approximately 8%, which will primarily affect employees in the United States.” Concurrently, PTC disclosed that “[o]n May 20, 2023, the Company informed Emily Hill, its Chief Financial Officer, that her employment will be terminated effective as of August 20, 2023, and effective immediately she will cease to serve as the Company’s Chief Financial Officer.”
Following these disclosures, PTC’s stock price fell $11.46 per share, or 19.62%, to close at $46.95 per share on May 24, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, 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, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz 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.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
