Hagens Berman Advises PTC Therapeutics (NASDAQ: PTCT) Investors of May 2, 2016 Lead Plaintiff Deadline in a Newly Filed Class Action

SAN FRANCISCO, March 08, 2016 -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm announces the filing of a securities fraud class action lawsuit against PTC Therapeutics (NASDAQ:PTCT) regarding misleading statements to investors and violations of federal securities laws, and alerts investors there is a May 2, 2016 lead plaintiff deadline. 

If you suffered losses because of your purchases of PTCT between May 6, 2014 and February 23, 2016, or have information that will help our investigation contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation by calling 510-725-3000, emailing [email protected] or visiting https://www.hbsslaw.com/cases/PTCT.  The lawsuit was filed in the U.S. District Court for the District of New Jersey and investors have until May 2, 2016 to move the court to participate as a lead plaintiff.

The lawsuit filed against PTC Therapeutics states that the company knowingly mislead investors by issuing false statements and omitting materially adverse facts about its business, operations and prospects including a failed application with the Food and Drug Administration (“FDA”) for its new drug.

According to the suit, PTC Therapeutics received a Refuse to File letter from the United States 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.  The FDA’s Refuse to File letter stated that the application was not sufficiently complete to permit a substantive review.

The suit also states that PTC Therapeutics made 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, or that the application would not be reviewed nor approved by the FDA.  The company also omitted 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 the foregoing Defendants’ statements about PTC Therapeutics’ business, operations, and prospects were false and misleading and/or lacked a reasonable basis.

When the truth about the Company's operations was revealed on February 23, 2016, the price of PTCT stock price declined over 60%, closing at $10.84 per share that day. The stock is now trading around $6.

Whistleblowers: Persons with non-public information regarding PTC Therapeutics should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at (510) 725-3000 or email [email protected].

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Contact:
Reed Kathrein, 510-725-3000