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Press Release

Dec 13, 2019 18:36 UTC

INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Adamas Pharmaceuticals, Inc. Investors

BENSALEM, Pa.--(Business Wire)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Adamas Pharmaceuticals, Inc. (“Adamas” or the “Company”) (NASDAQ: ADMS) securities between August 8, 2017 and September 30, 2019, inclusive (the “Class Period”). Adamas investors have until February 10, 2020 to file a lead plaintiff motion.

Investors suffering losses on their Adamas investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

On March 4, 2019, Adamas revised previous prescription growth estimates for GOCOVRI, the Company’s primary product, warned of a continued slowdown in GOCOVRI prescriptions, and refused to predict GOCOVRI’s ability to achieve a sizeable market share.

On this news, Adamas’ share price fell $3.99 per share, or more than 32%, to close at $8.16 per share on March 5, 2019, thereby injuring investors.

Then, on September 30, 2019, an analyst lowered its rating on Adamas due to “existing overhangs,” including lack of “Gocovri coverage: a number of national formularies exclude Gocovri.” The analyst “expect[ed] reimbursement hurdles in MSWI space especially with generic Ampyra launch.”

On this news, Adamas’ share price fell $3.02 per share, or more than 42%, over several trading sessions to close at $4.03 per share on October 3, 2019, thereby injuring investors further.

The complaint filed in this class action alleges that throughout the Class Period, 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 failed to disclose to investors: (1) that health insurers were excluding Adamas's primary product, GOCOVRI, from their prescription formularies or requiring patients to use "step therapy" - i.e., making patients try immediate-release amantadine prior to covering GOCOVRI; (2) that the rapid increase in physicians prescribing GOCOVRI during the Class Period was not due to its efficacy; and (3) that as a result of the foregoing, the Company's financial statements about Adamas's business, operations, and prospects were materially false and misleading at all relevant times.

If you purchased Adamas securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com

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