NEW YORK, Jan. 03, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Adamas Pharmaceuticals, Inc. (“Adamas” or the “Company”) (NASDAQ: ADMS) Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.
The investigation concerns whether Adamas and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On March 4, 2019, during a conference call with investors, Adamas walked back its previous prescription growth estimates for its primary product, 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 price fell $3.99 per share, or 32.4%, to close at $8.16 per share on March 5, 2019.
Then, on September 30, 2019, a Bank of America/Merrill Lynch analyst lowered its rating for Adamas stock to “Underperform,” noting “existing overhangs for ADMS: (1) Gocovri coverage: a number of national formularies exclude Gocovri. We expect reimbursement hurdles in [multiple sclerosis walking impairment] space especially with generic Ampyra launch.”
On this news, Adamas’s stock price fell $1.55 per share, or 23.26%, to close at $5.12 per share on September 30, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT: Robert S. Willoughby Pomerantz LLP rswilloughby@pomlaw.com
