In re PTC Therapeutics, Inc. Securities Litigation
This class action settled for $14.75 million against PTC Therapeutics.
On January 13, 2017, Labaton Sucharow, as co-lead counsel, filed an amended complaint on behalf of the lead plaintiffs in this securities class action against PTC Therapeutics, Inc. (PTC), a biopharmaceutical company. PTC’s lead product is “Translarna,” a treatment for Duchenne muscular dystrophy.
The complaint alleges that throughout the class period, the defendants made false and/or misleading statements and/or failed to disclose: (1) that the company’s New Drug Application (NDA) for Translarna, submitted to the FDA, was not sufficiently complete to permit a substantive review of the application; (2) that the application would not be reviewed nor approved by the FDA; (3) that the impending non-approval of the NDA would have a negative material impact on the company’s operations and prospects; and (4) that, as a result, the defendants’ statements about PTC’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On August 28, 2017, the court granted in part and denied in part Defendants' motion to dismiss.
The Parties agreed to settle the Action in January 2018. On March 1, 2018, the Parties executed the Stipulation, which sets forth the final terms and conditions of the Settlement. The Court granted final approval of the Settlement on September 10, 2018.
The case is In re PTC Therapeutics, Inc. Securities Litigation, NO. 16-1224 (KM)(D.N.J). Labaton Sucharow represents Boston Retirement System as co-lead counsel. The defendants include PTC and two individual defendants.
Submit Claim Form
If you purchased or otherwise acquired the publicly traded common stock of PTC Therapeutics, Inc. during the period of November 6, 2014 to February 23, 2016, inclusive, and were allegedly damaged thereby, you may be entitled to receive money from the proposed settlement. To be eligible for a payment, you must submit a Claim Form to the Claims Administrator so that it is postmarked or electronically submitted no later than September 27, 2018.
A Settlement Hearing was held on September 7, 2018 before the Honorable Kevin McNulty, United States District Judge at 10:00 a.m., in Courtroom PO 04 at the United States District Court for the District of New Jersey, Martin Luther King, Jr. Federal Courthouse, 50 Walnut Street Newark, NJ 07102.
If you have questions about the Settlement, please contact Labaton Sucharow at email@example.com or 1-888-218-6877, or contact the Claims Administrator, AB Data at (877) 242-4889.
Joint Declaration of James W. Johnson and Nicholas Porritt ISO Final Approval of Class Action Settlement and Plan of Allocation and Co-Lead Counsel's Motion For an Award of Attorneys' Fees and Payment of Litigation Expenses