NEW YORK, Dec. 12, 2019 /PRNewswire/ -- Bernstein
Liebhard, a nationally acclaimed investor rights law firm,
announces that a securities class action has been filed on behalf
of investors that purchased or acquired the securities of Adamas
Pharmaceuticals, Inc. ("Adamas" or the "Company") (NASDAQ: ADMS)
between August 8, 2017, and
September 30, 2019, inclusive (the
"Class Period"). The lawsuit filed in the United States District Court for the
Northern District of California
alleges violations of the Securities Exchange Act of 1934.
If you purchased Adamas securities, and/or would like to
discuss your legal rights and options please visit Adamas
Shareholder Class Action or contact Matthew
E. Guarnero toll free at (877) 779-1414 or
MGuarnero@bernlieb.com.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and misleading statements, and
failed to disclose material adverse facts about the Company's
business, operations, and prospects. Specifically, it is alleged
that Defendants made materially false and misleading statements
about: (1) managed care's acceptance of GOCOVRI; (2) the breadth of
insurer coverage for GOCOVRI prescriptions; and (3) the impact of
the Company's commercialization efforts. In addition, it is alleged
that Defendants failed to disclose: (1) that health insurers were
excluding 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 and
Defendants' statements about Adamas's business, operations, and
prospects, were materially false and misleading at all relevant
times.
After the market closed on March 4,
2019, during Adamas's Q4 2018 conference call with
investors, Adamas walked back its previous prescription growth
estimates for GOCOVRI, warned of a continued slow-down in GOCOVRI
prescriptions, and refused to make further predictions about
GOCOVRI's ability to achieve a sizeable market share. On this news,
Adamas's stock fell $3.99 per share,
or 32.84%, to close at $8.16 per
share on March 5, 2019.
On September 30, 2019, Bank of
America/Merrill Lynch analyst Tazeen
Ahmad lowered its rating for Adamas shares to "Underperform"
noting "existing overhangs for ADMS: (1) Gocovri coverage: a number
of national formularies exclude Gocovri. We expect reimbursement
hurdles in MSWI space especially with generic Ampyra launch." On
this news, Adamas shares fell a further 42.83% from $7.05 per share on September 26 to $4.03 by October 3,
2019.
If you purchased Adamas securities, and/or would like to
discuss your legal rights and options please visit
https://www.bernlieb.com/cases/adamaspharmaceuticalsinc-adms-shareholder-class-action-lawsuit-stock-fraud-229/apply/ or
contact Matthew E. Guarnero toll
free at (877) 779-1414 or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court
no later than February 10, 2020. 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.
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. © 2019 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
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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SOURCE Bernstein Liebhard LLP