Bernstein Liebhard LLP Appointed Lead Counsel In a Securities Class Action Against Alnylam Pharmaceuticals, Inc.
May 8, 2019
Bernstein Liebhard LLP announced today that the court appointed the Firm as lead counsel in a securities class action lawsuit pending in the United States District Court for the District of Massachusetts on behalf of those who purchased the securities of Alnylam Pharmaceuticals, Inc. (“Alnylam”) (NASDAQ: ALNY) between February 15, 2018 and September 12, 2018, both dates inclusive (the “Class Period”).
According to the lawsuit, throughout the Class Period Defendants made false and misleading statements and failed to disclose that: (1) Alnylam overstated the efficacy and safety of its Onpattro (patisiran) lipid complex injection; and (2) as a result, Alnylam’s public statements were materially false and misleading at all relevant times.
On September 12, 2018, Nomura/Instinet analyst Christopher Marai stated that a review document released by the U.S. Food and Drug Administration’s (“FDA”) Center for Drug Evaluation and Research “highlights greater risk” with respect to certain trials of Alnylam’s Onpattro (patisiran) lipid complex injection, as well as “a limited market opportunity in TTR cardiomyopathy, and a potential platform safety risk.” Specifically, Marai asserted that “[t]he document highlights FDA reviewers’ concerns over cardiac deaths in patients treated with Onpattro and suggests that the drug should be limited to patients with polyneuropathy only (i.e., not patients with cardiac manifestations and polyneuropathy). Furthermore, we believe some comments on the lack of cardiac efficacy call into question claims made by [Alnylam] in this regard.”
On this news, Alnylam stock fell $5.60 per share, or over 5%, from its previous closing price to close at $94.75 per share on September 12, 2018, damaging investors.
If you have any information relating to this action, please contact Joe Seidman at 877.779.1414 or by email at email@example.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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