On January 13, 2017, Labaton Keller 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 Keller Sucharow represents Boston Retirement System as co-lead counsel. The defendants include PTC and two individual defendants.
Settlement Hearing
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 Keller Sucharow at settlementquestions@labaton.com or 1-888-218-6877, or contact the Claims Administrator, AB Data at (877) 242-4889.
