PTC Therapeutics Inc (NASDAQ: PTCT) Investor Securities Class Action Lawsuit 03/03/2016

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Company Name(s): 
PTC Therapeutics
Case Name: 
PTC Therapeutics Shareholder Class Action Lawsuit 03/03/2016
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: PTCT
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/03/2016
Class Period Begin: 
11/06/2014
Class Period End: 
02/23/2016
Court of Filing: 
U.S. District Court for the District of New Jersey
Deadline To File for Lead: 
05/02/2016
Date Settled: 
05/15/2018
Settlement Amount: 
$14,750,000
Deadline to Participate in Settlement: 
09/27/2018
Summary: 

May 15, 2018 - The court preliminarily approved the settlement.

March 2, 2018 - Parties filed a stipulation of settlement.

August 28, 2017 - The court granted in part and denied in part defendants' motion to dismiss.

February 14, 2017 - Defendants filed a motion to dismiss.

January 13, 2017 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased PTC Therapeutics Inc (NASDAQ: PTCT) common shares between November 6, 2014 and February 23, 2016. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between November 6, 2014 and February 23, 2016.

November 4, 2016 - Lead plaintiffs and lead counsel were appointed.

June 8, 2016 - All cases were consolidated.

May 2, 2016 - Lead plaintiff motions were filed.

March 3, 2016 - An investor in shares of PTC Therapeutics Inc (NASDAQ: PTCT) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by PTC Therapeutics Inc in connection with certain allegedly false and misleading statements made between May 6, 2014 and February 23, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of PTC Therapeutics Inc (NASDAQ: PTCT) common shares between May 6, 2014 and February 23, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 6, 2014 and February 23, 2016, the defendants made allegedly false and/or misleading statements and/or failed to disclose that the Company’s NDA for Translarna that it submitted to the FDA was not sufficiently complete to permit a substantive review of the application, that, as such, the application would not be reviewed nor approved by the FDA, that the impending non-approval of the NDA would have a negative material impact on the Company’s operations and prospects, and that, as a result of the foregoing Defendants’ statements about PTC Therapeutics Inc’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

Shares of PTC Therapeutics Inc (NASDAQ: PTCT) grew from $15.07 per share in May 2014 to as high as $73.27 per share in March 2015.

On February 23, 2016, PTC Therapeutics Inc announced that it received a Refuse to File letter from the United States Food and Drug Administration (“FDA”) regarding PTC Therapeutics Inc'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”). Shares of PTC Therapeutics Inc (NASDAQ: PTCT) declined to as low as $5.29 per share on March 1, 2016.