Robbins Arroyo LLP: Alnylam Pharmaceuticals, Inc. (ALNY) Sued by Shareholders in Recently Filed Class Action
SAN DIEGO & CAMBRIDGE, Mass.--(BUSINESS WIRE)--Oct 8, 2018--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Alnylam Pharmaceuticals, Inc. (NASDAQ: ALNY) have filed a class action complaint against the company’s officers and directors for alleged violations of the Securities Exchange Act of 1934 between February 15, 2018 and September 12, 2018. Alnylam is a global biopharmaceutical company developing therapeutics based on RNA interference (“RNAi”). Alnylam’s lead drug candidate is Onpattro (patisiran), an intravenously administered RNAi therapeutic targeting transthyretin for the treatment of hereditary ATTR amyloidosis.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/
Alnylam Overstated the Efficacy of its Onpattro Lipid Complex Injection
According to the complaint, the U.S. Food and Drug Administration (“FDA”) approved patisiran for the treatment of polyneuropathy of hereditary transthyretin-mediated amyloidosis in adults in August 2018. On September 12, 2018, Nomura/Instinet analyst Christopher Marai stated that a review document released by the FDA’s Center for Drug Evaluation and Research “highlights greater risk” with respect to certain trials of Alnylam’s patisiran lipid complex injection, and notes “concerns over cardiac deaths in patients treated with ONPATTRO” suggesting a “limited market opportunity in TTRcardiomyopathy, and a potential platform safety risk.” On this news, Alnylam’s stock fell $5.60 per share to close at $94.75 on September 12, 2018.
Then, on September 27, 2018, Alnylam announced an issue with another drug – givosiran – which reported 22% of its patients suffered serious side effects compared to 10% of patients on placebo. Alnylam’s stock fell even further on this news, and continues to trade below its pre-disclosure price.
Alnylam Shareholders Have Legal Options
If you would like more information about your rights and potential remedies, contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. The firm offers a stock monitoring service: Stock Watch. Sign up for free today.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20181008005755/en/
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SOURCE: Robbins Arroyo LLP
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PUB: 10/08/2018 03:56 PM/DISC: 10/08/2018 03:56 PM