NEW YORK, March 07, 2022 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Cortexyme, Inc. (NASDAQ:CRTX) arising from allegations that Cortexyme allegedly may have provided misleading business information to the investing public.
SO WHAT: If you have purchased Cortexyme securities, you may be entitled to compensation without payment of fees or out-of-pocket costs through a contingent fee arrangement. The Rosen law firm is preparing a class action lawsuit to recover investors’ losses.
WHAT TO DO NEXT: To join the potential class action lawsuit, go to https://rosenlegal.com/submit-form/?case_id=3168 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for class action information.
WHAT DOES IT TALK ABOUT: On October 26, 2021, after trading hours, Cortexyme published a press release “report[ing] key results from its Phase 2/3 GAIN trial, a double-blind, placebo-controlled study evaluating the efficacy of atuzaginstat (COR388), an orally-administered investigational small molecule that targets the bacteria’s gingipain proteases Porphyromonas gingivalis (P. gingivale). The press release reported, in relevant part, that the study did not reach statistical significance in its co-primary endpoints of improvement in cognitive and functional abilities in patients with Alzheimer’s disease. Mild to moderate Alzheimer’s. On this news, Cortexyme’s stock price fell $44.17 per share, or 76%, to close at $13.51 per share on October 27, 2021, hurting investors.
Then, on January 26, 2022, before market hours, Cortexyme disclosed that it had received a letter from the U.S. Food and Drug Administration (“FDA”) advising it that the FDA had “plac[ed] a full clinical hold of the investigational new drug application for atuzaginstat (COR388) (IND 134303). On this news, Cortexyme’s stock price fell $2.85 per share, or more than 31%, to close at $6.21 per share on January 26, 2022, further hurting investors.
On February 1, 2022, Cortexyme issued a press release announcing its intention to reduce its workforce by 53% in response to the clinical suspension. On the same day, Cortexyme announced the resignations of Casey Lynch, the company‘s CEO and chairman of the board, and Steve Dominy, the company’s chief scientific officer and director. On this news, Cortexyme’s stock price fell $0.67 per share, or more than 9.8%, to close at $6.16 per share on February 2, 2022, further hurting investors.
WHY THE ROSEN LAW: We encourage investors to select qualified lawyers with proven track records in leadership roles. Often, companies issuing reviews do not have comparable experience, resources, or significant peer recognition. Many of these companies do not bring securities class action lawsuits. Be wise in choosing lawyers. Rosen Law Firm represents investors worldwide, focusing its practice on securities class action and shareholder derivative litigation. Rosen Law Firm has reached the largest securities class action settlement against a Chinese company. Rosen Law Firm was ranked #1 by ISS Securities Class Action Services for the number of securities class action settlements in 2017. The firm has ranked in the top 4 every year since 2013 and has recovered hundreds of million dollars for investors. In 2019 alone, the company secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, Pennsylvania
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827