Faruqi & Faruqi, LLP is investigating the claims on behalf of Applied Therapy Investor Investing.com
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson encourages investors who have suffered losses greater than $50,000 in Applied Therapeutics (NASDAQ: ) to contact him directly to discuss their options
If you have suffered losses greater than $50,000 Applied therapy January 3, 2024 and December 2, 2024 and want to discuss your legal rights, call a Faruqi & Faruqi partner Josh Wilson direct on 877-247-4292 or 212-983-9330 (ext. 1310).
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New York, New York–(Newsfile Corp. – January 4, 2025) – 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 to February 18, 2025 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The company has recovered hundreds of millions of dollars for investors since its inception in 1995. See www.faruqilaw.com.
As detailed below, the complaint 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 had made favorable statements to investors while, at the same time, disseminating false and materially misleading statements and/or concealment of material adverse facts regarding the true status of Applied Therapeutics’ Phase III INSPIRE trial; in particular, problems with electronic data collection and dosing error in the dose escalation phase of the study. Such statements without these material facts induced 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 a new drug application (NDA) for gobrostat, a new drug for central nervous system (CNS)-penetrating aldose reductase inhibitor (ARI), for the treatment of classical galactosemia.” According to the company, “[t]The CRL states that the FDA has completed its review of the application and determined that it is unable to approve the NDA in its current form, citing deficiencies in clinical application.”
Following this news, Applied Therapeutics’ stock price fell $1.64 per share, or 16.06%, to $8.57 per share on November 27, 2024.
Then, on December 3, 2024, the FDA posted a warning letter to Applied Therapeutics on its website, the content of which indicated that the company was aware at least as early as May 2024 that the FDA had identified significant problems in the gorestat NDA.
Following this news, Applied Therapeutics’ stock price fell $0.31 per share, or 18.34%, to $1.38 per share on December 4, 2024.
A court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class, who is adequate and typical of the class members and who directs and oversees the litigation on behalf of the putative class. Any putative class member may propose to the Court to serve as lead plaintiff through counsel of his or her choosing, 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 whether or not you will be the lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information about Applied Therapeutics’ conduct to contact the company, including whistleblowers, former employees, shareholders and others.
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To view the original version of this press release, visit https://www.newsfilecorp.com/release/236009
