New York, New York--(Newsfile Corp. - March 21, 2022) - WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Cortexyme, Inc. CRTX resulting from allegations that Cortexyme may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Cortexyme securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=3168 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.
WHAT IS THIS ABOUT: On October 26, 2021, after market hours, Cortexyme issued a press release "report[ing] top-line results from its Phase 2/3 GAIN Trial, a double-blind, placebo-controlled study evaluating the efficacy of atuzaginstat (COR388), an investigational orally administered small-molecule that targets gingipain proteases from the bacterium Porphyromonas gingivalis (P. gingivalis)." The press release reported, in relevant part, that the study had failed to meet statistical significance in its co-primary endpoints of improving cognitive and functional abilities in patients with mild-to-moderate Alzheimer's disease. 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, damaging investors.
Then, on January 26, 2022, before market hours, Cortexyme disclosed receipt of a letter from the U.S. Food and Drug Administration ("FDA") advising that the FDA had "plac[ed] a full clinical hold on atuzaginstat's (COR388) Investigational New Drug application (IND 134303)." On this news, Cortexyme's stock price fell $2.85 per share, or over 31%, to close at $6.21 per share on January 26, 2022, further damaging investors.
On February 1, 2022, Cortexyme issued a press release announcing plans to reduce its workforce by 53% in response to the clinical hold. That same day, Cortexyme announced the resignations of Casey Lynch, the Company's CEO and Chair of the Board, and Steve Dominy, the Company's Chief Scientific Officer and a director. On this news, Cortexyme's stock price fell $0.67 per share, or over 9.8%, to close at $6.16 per share on February 2, 2022, further damaging investors.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm 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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Attorney Advertising. Prior results do not guarantee a similar outcome.
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Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/117533
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