Amylyx Pharmaceuticals, Inc. Securities Lawsuit Investigation

Shamis & Gentile P.A., a law firm that advocates for investors who are victims of securities fraud, is investigating potential claims against Amylyx Pharmaceuticals, Inc. (AMLX)

If you purchased Amylyx Pharmaceuticals securities since at least November 2022, and still hold some shares today, you may be eligible to seek corporate reforms, the return of funds back to the Company, and a court approved incentive award, at no cost to you.

About Amylyx Pharmaceuticals

Amylyx Pharmaceuticals is a biopharmaceutical company focused on developing treatments for neurodegenerative diseases. The company’s most well-known product was Relyvrio, a drug designed to treat amyotrophic lateral sclerosis (ALS).

Amylyx has conducted clinical trials and engaged in commercialization efforts for Relyvrio, which was ultimately withdrawn from the market in April 2024.

What's being investigated

This investigation concerns whether Amylyx’s directors and executive officers breached their fiduciary duties to the Company and its shareholders by failing to implement effective oversight and disclosure controls related to the commercialization of Relyvrio. According to a class action complaint filed in February 2024, Amylyx and certain senior executives allegedly made false and misleading statements about Relyvrio’s market performance and prescription trends.

The class action complaint alleges that executives:

• Overstated Relyvrio’s commercial prospects and prescription growth;
• Failed to disclose that only about 60% of patients remained on therapy after six months;
• Did not adequately disclose that new patient starts were declining; and
• Restricted access to prescription data, which limited transparency around negative trends.

These allegations suggest potential failures of board-level risk oversight, internal controls, and disclosure governance regarding mission-critical commercial operations.

Key timeline

• November 9, 2023: Amylyx issued a press release reporting a slowdown in new Relyvrio subscribers and increased discontinuations, resulting in missed Q3 2023 earnings expectations. The company admitted that only 60% of patients remained in treatment after six months. On this news, the share price fell more than 30%.
• March 8, 2024: Amylyx reported that Relyvrio failed to produce meaningful results in its Phase III trials. The share price reportedly fell another 80%.
• April 4, 2024: Amylyx publicly announced the withdrawal of Relyvrio from the market. Investors allege this event revealed previously undisclosed negative trends.
• September 30, 2025: The court determined that certain key allegations survived the defendants’ motion to dismiss in the underlying class action complaint, allowing the case to proceed.

Why investors may be concerned

The board and senior management are responsible for overseeing Amylyx’s operations and ensuring that the Company has strong systems for accurate reporting and risk management. This investigation is reviewing whether those oversight measures were sufficient in light of challenges related to Relyvrio’s performance and data transparency.

A shareholder derivative action is a type of case brought on behalf of the Company; not against it. Its purpose is to help the Company recover any losses caused by management missteps and to strengthen internal governance and accountability practices going forward.

Your Rights and Next Steps

This is an active investigation into alleged securities fraud and potential breaches of fiduciary duty at Amylyx Pharmaceuticals. If you purchased AMLX shares during the relevant period and still hold shares today, you may have certain rights.

Potential next steps:

• Provide information about your current or past holdings to assist in evaluating potential claims.
• Participate in a shareholder derivative action, which seeks to protect the Company’s long-term interests by improving governance and oversight systems.
• Stay informed about related court proceedings, as developments in the underlying securities case may affect the scope of this investigation.

Shareholders in derivative actions may seek corporate governance reforms, enhanced oversight, or other remedies. Participation in these actions typically does not require upfront payment to counsel, as fees are generally contingent on success.

Opportunities for Shareholder Action

Securities investigations are time-sensitive. If you purchased Amylyx Pharmaceuticals securities prior to November 2022, and continue to hold shares today, you may be eligible to pursue corporate reforms, seek the return of funds to the Company, and request a court-approved incentive award for your service, at no cost to you.

To protect your rights, complete the form below to join the investigation.