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LOS ANGELES, Aug. 09, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Aldeyra Therapeutics, Inc. (“Aldeyra” or the “Company”) (NASDAQ: ALDX) investors that a lawsuit filed on behalf of investors that purchased Aldeyra securities between March 17, 2022 and June 20, 2023, inclusive (the “Class Period”)
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On June 21, 2023, Aldeyra made public that it had received a Complete Response Letter from the U.S. Food and Drug Administration (FDA) in relation to its New Drug Application (NDA) for ADX-2191, a treatment for vitreoretinal lymphoma. The Company disclosed that the FDA pointed out a "lack of substantial evidence of effectiveness" due to insufficient and well-controlled investigations in the literature-based NDA submission, even though no safety or manufacturing issues were found with ADX-2191.
In response to this announcement, Aldeyra's stock price experienced a sharp decline of $2.92, equivalent to a 27.4% drop, ultimately closing at $7.72 per share on June 21, 2023, thereby causing financial harm to investors.
The class action lawsuit contends that over the specified Class Period, the Defendants disseminated information that was either materially false or misleading, and they also neglected to reveal significant negative aspects concerning the Company's operations, business, and future prospects. More specifically, the Defendants failed to inform investors that: (1) the NDA for ADX-2191 lacked sufficient and well-controlled investigations, thus failing to provide substantial evidence of its effectiveness; (2) consequently, the FDA was unlikely to approve the current form of the ADX-2191 NDA; (3) this overstatement led to an exaggeration of ADX-2191's potential in both clinical and commercial aspects; and (4) as a result, the optimistic statements made by the Defendants about the Company's business, operations, and future prospects were substantially deceptive and lacked reasonable grounding throughout the relevant time frame.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
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