Amicus Therapeutics, Inc. (FOLD)
Whether directors and officers of Amicus Therapeutics, Inc. (FOLD) breached their fiduciary duties to the company and its shareholders.
Investigation
07/19/2021
Initial Lawsuit
07/19/2021
Lawsuit Progression
12/22/2021
Investigation regarding statements made by BlueCity in connection with its initial public offering (IPO) about its business and financial prospects.
12/02/2020
BlueCity issues a press release announcing financial and operating results for Q3 2020, citing a net loss of $20.3 million. BlueCity also reports a cost of revenues increase of 41.3% year-over-year, selling and marketing expenses increase of 86.3% year-over year, technology and development expenses increase of 49.5% year-over-year, and general and administrative expenses increase of 4,349% year-over-year.
BlueCity attributes the increases in costs to the “growth of revenue-sharing costs“, “expenses related to the Company’s IPO“, “share-based compensation” and “increased advertising and promotion expenses and staff costs“.
Stock Impact
Close | Previous close | Price variation | Percentage variation |
---|---|---|---|
$11.15 | $14.45 | $-3.3 | -22.84% |
This is a federal securities class action on behalf of all persons and entities, other than Defendants, who purchased or otherwise acquired BlueCity American Depositary Shares pursuant and/or traceable to the Offering Documents issued in connection with the Company’s initial public offering conducted on or about July 8, 2020.
According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors that:
(1) Defendants had overstated BlueCity’s business and financial prospects;
(2) the Company was ill-equipped to absorb the costs of becoming a publicly traded company, including IPO- and growth-related costs;
(3) as a result of all the foregoing, Defendants had misrepresented the Company’s capability for sustainable growth;
(4) as a result, the Offering Documents were materially false or misleading and/or failed to state information required to be stated therein.
12/22/2021
The court issued an order appointing the lead plaintiff and lead counsel.
Whether directors and officers of Amicus Therapeutics, Inc. (FOLD) breached their fiduciary duties to the company and its shareholders.
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