New York, New York--(Newsfile Corp. - April 21, 2022) - Pomerantz LLP is investigating claims on behalf of investors of Cortexyme, Inc. ("Affirm" or the "Company") CRTX. Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Cortexyme and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On October 26, 2021, 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 76.58%, to close at $13.51 per share on October 27, 2021.
On January 26, 2022, 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 31.46%, to close at $6.21 per share on January 26, 2022.
Then, on February 1, 2022, Cortexyme issued a press release announcing plans to reduce its workforce by 53% in response to the FDA's clinical hold. That same day, Cortexyme announced the resignations of Casey Lynch, the Company's Chief Executive Officer 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 9.81%, to close at $6.16 per share on February 2, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/121282
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