Labaton Sucharow has won a $14.75 million settlement in a securities class action against PTC Therapeutics. The Honorable Kevin McNulty of the U.S. District Court for the District of New Jersey granted final approval of the settlement earlier this month.
The action alleged that PTC made false and/or misleading statements and/or failed to disclose that the company’s New Drug Application for Translarna, a pharmaceutical drug for the treatment of Duchenne muscular dystrophy, was not sufficiently complete to permit a substantive review by the FDA, and as a result, PTC’s statements about its business, operations, and prospects were false and misleading and/or lacked a reasonable basis. The court denied in part the defendants’ motion to dismiss in August 2017. The parties agreed to settle the action in January 2018.
The case is In re PTC Therapeutics, Inc. Securities Litigation, No. 16-1224 (KM) (D.N.J.). Labaton Sucharow represented Boston Retirement System as co-lead counsel. The Labaton Sucharow team included partners James Johnson and Michael Rogers and associate James Christie.