Investigation
Amicus Therapeutics, Inc. (FOLD)
Whether directors and officers of Amicus Therapeutics, Inc. (FOLD) breached their fiduciary duties to the company and its shareholders.
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Investigation
03/19/2021
Initial Lawsuit
03/19/2021
Lawsuit Progression
01/21/2022
A Root investor filed a federal securities class action on behalf of a class consisting of all persons and entities other than defendants that purchased or otherwise acquired: (a) Root securities between October 28, 2020, and March 8, 2021, both dates inclusive; and/or (b) Root Class A common stock pursuant and/or traceable to the company’s offering documents filed during the initial public offering (IPO) conducted on or about October 28, 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:
(i) Root would foreseeably fail to generate positive cashflow for at least several years following the IPO;
(ii) accordingly, the Company would foreseeably require significant cash infusions to meet its cash flow needs;
(iii) not with standing the Defendants’ touting of Root’s purportedly unique, data-driven advantages, several of the Company’s established industry peers in fact possessed significant competitive advantages over Root with respect to, inter alia, telematics data and data engagement;
(iv) as a result, the Offering Documents and Defendants’ public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein.
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