Amylyx Shareholder Sues Brass Over Withdrawn ALS Treatment (1)

Amylyx Pharmaceuticals Inc. executives caused the company to overstate its now-withdrawn ALS treatment’s commercial success while reaping more than $10 million off insider sales, a shareholder lawsuit said.

Investors learned patients increasingly discontinued using the treatment and there was a slowdown in new enrollment when the company discussed third quarter 2023 earnings per share that missed consensus estimates, said the stockholder’s complaint filed in the US District Court for the District of Massachusetts. That same day, Nov. 9, 2023, an Evercore ISI analyst questioned the company’s claims about new patient pickup and chastised management for not disclosing discontinuations earlier, the ...