Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson encourages investors who suffered losses greater than $50,000 in Applied Therapies (NASDAQ:) to contact him directly to discuss their options
If you suffered losses greater than $50,000 in Applied Therapeutics January 3, 2024 and December 2, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly in 877-247-4292 either 212-983-9330 (extension 1310).
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New York, New York–(Newsfile Corp. – December 29, 2024) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Applied Therapeutics, Inc. (“Applied Therapeutics ” or the “Company “) (NASDAQ: APLT) and reminds investors of the Deadline of February 18, 2025 to seek the role of lead plaintiff in a federal securities class action lawsuit that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the lawsuit alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that the defendants provided positive statements to investors while, at the same time, They spread false and materially misleading information. statements and/or concealment of material adverse facts relating to the true status of Applied Therapeutics’ Phase III INSPIRE trial; in particular, electronic data capture issues and a dosing error in the dose escalation phase of the study. Such statements, in the absence of these material facts, caused plaintiff and other shareholders to purchase Applied Therapeutics securities at artificially inflated prices.
On November 27, 2024, Applied Therapeutics issued a press release announcing “that the US Food and Drug Administration (FDA) has issued a Complete Response Letter (CRL) for the New Drug Application (NDA) for govorestat, a novel central nervous system (CNS) penetrating aldose reductase inhibitor (ARI), for the treatment of classic galactosemia.” According to the company, “[t]”The CRL indicates that the FDA has completed its review of the application and determined that it cannot approve the NDA in its current form, citing deficiencies in clinical application.”
On this news, Applied Therapeutics’ stock price fell $1.64 per share, or 16.06%, to close at $8.57 per share on November 27, 2024.
Then, on December 3, 2024, the FDA posted on its website a warning letter to Applied Therapeutics, the contents of which indicated that the Company was aware, at least as of May 2024, that the FDA had identified significant issues in the NDA of govorestat.
On this news, Applied Therapeutics’ stock price fell $0.31 per share, or 18.34%, to close at $1.38 per share on December 4, 2024.
The court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class, which is appropriate and typical of class members directing and overseeing the litigation on behalf of the putative class. Any member of the putative class may ask the Court to serve as lead plaintiff through counsel of his or her choice, or may choose to do nothing and remain an absent class member. Your ability to participate in any recovery is not affected by the decision of whether or not to serve as lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information about the conduct of Applied Therapeutics to contact the firm, including whistleblowers, former employees, shareholders and others.
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Lawyer advertising. The law firm responsible for this announcement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past results do not guarantee or predict a similar outcome with respect to any future matter. We appreciate the opportunity to discuss your particular case. All communications will be treated confidentially.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234719