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. between August 8, 2017, and September 30, 2019, inclusive.
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.
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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
Company Codes: NASDAQ-NMS:ADMS
