PTC Therapeutics Executives Under Investigation for False Statements
Schubert Jonckheer & Kolbe LLP today launched an investigation into whether certain officers and directors of PTC Therapeutics, Inc. (NASDAQ:PTCT) breached their fiduciary duties by causing the company to issue false and misleading statements. PTC develops drugs that treat rare diseases and disorders.
On August 28, 2017, the United States District Court for the District of New Jersey issued an order denying in part the motion to dismiss securities fraud class action claims against PTC and certain of its executives. The operative complaint in that action, filed on January 13, 2017, alleges that during the period November 6, 2014 through February 23, 2016, the defendants misrepresented key aspects of PTC's business, thereby inflating the company's stock price. Specifically, defendants allegedly made false and misleading statements that certain clinical trial results demonstrated the efficacy of its key genetic mutation drug, causing stock losses when the truth was finally revealed.
Schubert Jonckheer & Kolbe's investigation concerns when and how much certain of PTC's officers and directors knew about these practices. Shareholders interested in seeking the recovery of damages on behalf of PTC and securing other remedial measures should contact the firm.
If you are a long term holder of PTC stock and wish to obtain additional information—or would like to participate in a potential shareholder derivative action—please complete the form below for a free legal consultation.