INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Aldeyra Therapeutics, Inc. (ALDX) Investors

Business Wire 7-Aug-2023 9:30 AM

Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Aldeyra Therapeutics, Inc. ("Aldeyra" or the "Company") (NASDAQ:ALDX) securities between March 17, 2022 and June 20, 2023, inclusive (the "Class Period"). Aldeyra investors have until September 29, 2023 to file a lead plaintiff motion.

Investors suffering losses on their Aldeyra 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 June 21, 2023, Aldeyra disclosed that it had received a Complete Response Letter from the U.S. Food and Drug Administration ("FDA") regarding the Company's New Drug Application ("NDA") for its vitreoretinal lymphoma treatment, ADX-2191. The Company revealed that "[a]lthough no safety or manufacturing issues with ADX-2191 were identified, the FDA stated that there was a ‘lack of substantial evidence of effectiveness' due to ‘a lack of adequate and well-controlled investigations' in the literature-based NDA submission."

On this news, Aldeyra's stock price fell $2.92, or 27.4%, to close at $7.72 per share on June 21, 2023, thereby injuring investors.

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 that: (1) the ADX-2191 NDA did not include adequate and well-controlled investigations and thus failed to show substantial evidence of ADX-2191's effectiveness; (2) as a result, the FDA was unlikely to approve the ADX-2191 NDA in its current form; (3) accordingly, the Company had overstated ADX-2191's clinical and/or commercial prospects; and (4) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

If you purchased Aldeyra 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.

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