Levi & Korsinsky Alerts Applied Therapeutics Investors About Class Action Lawsuit

Applied Therapeutics, Inc. Class Action: An Overview

On December 31, 2024, legal firm Levi & Korsinsky, LLP announced crucial details for investors of Applied Therapeutics, Inc. regarding an ongoing class action lawsuit. This legal action has arisen due to significant declines in the company's stock price, attributed to alleged securities fraud affecting shareholders between January 3, 2024, and December 2, 2024.

Class Action Background

The lawsuit has been initiated with the intention of recovering losses incurred by investors during a defined period of alleged wrongdoing. According to the complaint, major developments began to unfold on November 27, 2024, when Applied Therapeutics released a press statement indicating the receipt of a Complete Response Letter (CRL) from the FDA concerning their New Drug Application (NDA) for govorestat. This letter suggested that the FDA's review had identified significant deficiencies in the clinical application of the drug.

As a direct consequence of this announcement, Applied Therapeutics saw a staggering drop in its stock price, falling from $10.21 per share on November 26, 2024, to $8.57 per share the following day. This was only the beginning, as the stock continued to plummet, reaching an alarming low of $1.75 per share by December 2, 2024—representing a loss exceeding 80% in just days.

After the market closed on December 2, the situation worsened when the company disclosed that it had received a "warning letter" from the FDA due to issues related to its clinical trials. This further eroded investor confidence, leading to an ongoing decline in stock value, which dipped to $1.29 just a few days later.

Investor Compensation Options

For those who experienced financial losses as shareholders of Applied Therapeutics during the specified timeframe, there is an opportunity to request the court appoint them as lead plaintiff, with the deadline set for February 18, 2025. Importantly, investors do not have to become lead plaintiffs to benefit from any potential recovery stemming from the lawsuit.

Investors should be reassured that participating in the class action entails no costs or fees. Levi & Korsinsky has pledged to represent class members without any upfront payments required, marking a significant aspect of this legal proceeding.

Levi & Korsinsky’s Expertise

Levi & Korsinsky is noted for its extensive experience in navigating complex securities litigation, with a robust team boasting a successful record in securing favorable outcomes for shareholders, totaling hundreds of millions of dollars over the past two decades. Their dedicated team, consisting of over 70 professionals, places strong emphasis on serving the interests of their clients, assuring potential plaintiffs that they are in capable hands.

For some time now, Levi & Korsinsky has been recognized as one of the premier securities litigation firms in the U.S., consistently ranking amongst the top 50 by ISS Securities Class Action Services. This acknowledgment further underlines their authority in the realm of investor representation in class action lawsuits.

Getting In Touch

Interested parties and those affected by the recent stock price decline are urged to get in touch with Levi & Korsinsky. Investors can communicate with Joseph E. Levi, Esq., for additional information regarding their eligibility and participation in this class action lawsuit. The firm emphasizes that taking action promptly could greatly influence the outcome of this case.

For further inquiries, investors can reach out via email at [email protected] or by calling (212) 363-7500.

Conclusion

The ongoing class action concerning Applied Therapeutics presents a significant opportunity for investors who have suffered financial losses to reclaim some of their investments. With expert representation from a reputable firm like Levi & Korsinsky, investors can navigate this complex legal landscape with confidence and hope for a recovery of their losses.