Shareholder Alert: Robbins LLP Announces Adamas Pharmaceuticals, Inc. (ADMS) Sued for Misleading Shareholders
December 12 2019 - 8:43PM
Business Wire
Shareholder rights law firm Robbins LLP announces that a
purchaser of Adamas Pharmaceuticals, Inc. (NASDAQ: ADMS) filed a
class action complaint for alleged violations of the Securities
Exchange Act of 1934 between August 8, 2017 and September 30, 2019.
Adamas is a commercial stage pharmaceutical company that
specializes in developing drug treatment therapies for chronic
neurologic disorders. Adamas' primary product is GOCOVRI.
If you suffered a loss as a result of Adamas' misconduct, click
here.
Adamas Pharmaceuticals, Inc. (ADMS) Accused of Misleading
Shareholders
According to the complaint, throughout the relevant period,
Adamas consistently assured investors of insurer support for its
drug GOCOVRI, touting that "[Adamas] is seeing prescription
fulfillment across most every plan" and "the vast majority of plans
give [Adamas] good support for reimbursement for GOCOVRI." However,
on October 5, 2018, an analyst at Bank of America/Merill Lynch
downgraded Adamas, revealing a survey of doctors showed a
higher-than-expected dropout rate for GOCOVRI due to high cost and
difficulty in securing prior authorization from payers. Then, on
March 4, 2019, Adamas revealed during a conference call that the
Company was rescinding its previous prescription growth estimates
for GOCOVRI and warned of a continued slowdown in GOCOVRI
prescriptions. Finally, on September 20, 2019, another analyst from
Bank of America/Merill Lynch lowered its rating for Adamas shares
to "underperform," citing the exclusion of GOCOVRI on a number of
national formularies and anticipated reimbursement hurdles as
reasons. Since this news, the stock has declined almost 73% from
its October 5, 2018 closing price of $23.81, currently trading at
around $6.50.
Adamas Pharmaceuticals, Inc. (ADMS) Shareholders Have Legal
Options
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: https://www.businesswire.com/news/home/20191212005900/en/
Leo Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA 92122
lkandinov@robbinsllp.com (619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com
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