Kessler Topaz Meltzer & Check, LLP: Securities Fraud Class Action Filed Against Alnylam Pharmaceuticals, Inc. - ALNY

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Oct 03, 2018, 14:30 ET

RADNOR, Pa., Oct. 3, 2018 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP alerts investors that a securities fraud class action lawsuit has been filed against Alnylam Pharmaceuticals, Inc. (Nasdaq: ALNY) ("Alnylam") on behalf of purchasers of Alnylam securities between February 15, 2018 and September 12, 2018, inclusive (the "Class Period").

Investors who purchased Alnylam securities during the Class Period may, no later than November 26, 2018, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this action please visit www.ktmc.com/alnylam-pharmaceuticals-securities-class-action

According to the complaint, Alnylam is a global biopharmaceutical company developing therapeutics based on RNA interference ("RNAi"). RNAi is a naturally occurring biological pathway within cells for sequence-specific silencing and regulation of gene expression. In December 2017, Alnylam submitted its first new drug application and marketing authorization application for Onpattro (patisiran) to the U.S. Food and Drug Administration ("FDA"). Patisiran is an intravenously administered RNAi therapeutic targeting transthyretin ("TTR") for the treatment of hereditary ATTR amyloidosis. It is designed to target and silence specific messenger RNA, potentially blocking the production of TTR protein before it is made.

The complaint alleges that, on September 12, 2018, Nomura/Instinet analyst Christopher Marai stated that a review document released by the FDA's Center for Drug Evaluation and Research "highlights greater risk" with respect to certain trials of Alnylam's ONPATTRO (patisiran) lipid complex injection, as well as "a limited market opportunity in TTR cardiomyopathy, and a potential platform safety risk." Specifically, Mr. Marai asserted that "[t]he document highlights FDA reviewers' concerns over cardiac deaths in patients treated with ONPATTRO and suggests that the drug should be limited to patients with polyneuropathy only (i.e., not patients with cardiac manifestations and polyneuropathy). Furthermore, we believe some comments on the lack of cardiac efficacy call into question claims made by [Alnylam] in this regard."

Following this news, Alnylam's stock price fell $5.60, or over 5.5%, to close at $94.75 per share on September 12, 2018.

The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (i) Alnylam overstated the efficacy and safety of its Onpattro (patisiran) lipid complex injection; and (ii) as a result, Alnylam's public statements were materially false and misleading at all relevant times.

Alnylam investors who wish to discuss this securities fraud class action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (James Maro, Jr., Esq. or Adrienne Bell, Esq.) at (888) 299-7706 or at [email protected].

Alnylam investors may, no later than November 26, 2018, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.

Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.

CONTACT:

Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888) 299-7706
(610) 667-7706
[email protected]

SOURCE Kessler Topaz Meltzer & Check, LLP