ADMS INVESTOR DEADLINE IN 7 DAYS: Bernstein Liebhard LLP Reminds Investors of the Deadline to File a Lead Plaintiff Motion in...
February 03 2020 - 10:11AM
Business Wire
Bernstein Liebhard, a nationally acclaimed investor rights law
firm, reminds investors of the deadline to file a lead plaintiff
motion in a securities class action 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. © 2020 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200203005248/en/
Matthew E. Guarnero Bernstein Liebhard LLP
https://www.bernlieb.com (877) 779-1414 MGuarnero@bernlieb.com
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