According to the lawsuit, Offering documents and defendants during the Class Period made false and/or misleading statements and/or failed to disclose that:
- arimoclomol was not as effective in treating Inclusion Body Myositis (“IBM”) as defendants had represented;
- arimoclomol was not as effective in treating Amyotrophic Lateral Sclerosis (“ALS”) as defendants had represented;
- the arimoclomol new drug application (“NDA”) for Niemann-Pick disease type C (“NPC”) was incomplete and/or required additional evidence and data to support the benefit-risk assessment of that NDA;
- as a result, the U.S. Food and Drug Administration (“FDA”) was unlikely to approve the arimoclomol NDA for NPC in its present form;
- the Company’s overall business prospects, as well as arimoclomol’s commercial prospects, were significantly overstated; and
- as a result, the Company’s public statements were materially false and misleading at all relevant times.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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