Gainey McKenna & Egleston Announces a Class Action Lawsuit Has Been Filed Against PTC Therapeutics (PTC)

NEW YORK, March 04, 2016 -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against PTC Therapeutics (“PTC” or the “Company”) (Nasdaq:PTC) in the United States District Court for the District of New Jersey on behalf of a class consisting of all persons or entities who purchased PTC securities between May 6, 2014 and February 23, 2016, inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).

The Complaint alleges that during the Class Period, Defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects and that as a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period. According to the Complaint, on February 23, 2016, PTC announced that it received a Refuse to File letter from the United States Food and Drug Administration (“FDA”) regarding PTC’s New Drug Application (“NDA”) for Translarna™ (ataluren), an oral, first-in-class, protein restoration therapy for the treatment of nonsense mutation Duchenne muscular dystrophy (“nmDMD”). The FDA stated in the Refuse to File letter that the application was not sufficiently complete to permit a substantive review.

On this news, shares of PTC plummeted over 61%, closing at $10.84 per share on February 23, 2016, on heavy trading volume.

If you wish to serve as lead plaintiff, you must move the Court no later than May 2, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].

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