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Kaplan Fox Has Filed a Class Action to Recover Losses for Investors Who Purchased Common Stock of Applied Therapeutics, Inc. (NASDAQ: APLT)

By: TheNewswire.com
<div><p>NEW YORK - (<a href="https://www.newmediawire.com">NewMediaWire</a>) - December 27, 2024 - Kaplan Fox &amp; Kilsheimer LLP (<a href="https://www.kaplanfox.com/?utm_source=NMW&amp;utm_medium=Press+Release&amp;utm_campaign=Applied+Therapeutics&amp;utm_id=Applied+Therapeutics&amp;utm_term=APLT+NMW">www.kaplanfox.com</a><a href="https://www.globenewswire.com/Tracker?data=2cHp1TLg_Cpb3t9gOEvRlj03HlARu5flfNseJrOy6jL1JUMYAdrRn9zrx0cU2YFnckEgjyfsKXPpnWE8CK08qPJsNu3QBzPALNEGx4VEvfC1SEz0PCvZiSlsRwH_6USs">)</a> has filed a proposed class action suit in the United States District Court for the Southern District of New York against Applied Therapeutics, Inc. (&ldquo;Applied&rdquo; or the &ldquo;Company&rdquo;) (Nasdaq: APLT) and Shoshana Shendelman, the Company&rsquo;s former Chief Executive Officer and chair of the Company&rsquo;s board.</p> <figure align="left" style="width: 240px; max-width: 100%; margin-bottom: 20px; float: left; margin-right: 20px;"><img src="http://newmediawire.s3.amazonaws.com/676ef89bda846f3dd21a4a9c_1" alt="" width="240" style="width: 240px; max-width: 100%; height: auto;" /></figure> <p>The Complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission, and is brought by plaintiff on behalf of all purchasers of Spectrum common stock during the period January 3, 2024 through December 2, 2024, inclusive (&ldquo;Class Period&rdquo;).</p> <p><strong>If you are a member of the proposed Class, you may move the court no later than February 18, 2025 to serve as a lead plaintiff for the proposed Class.&nbsp; You need not seek to become a lead plaintiff in order to share in any possible recovery.</strong></p> <p>If you have any questions about this Notice, the action, your rights, or your interests, or would like a copy of the Complaint, please e-mail attorneys Jeffrey P. Campisi (<a href="mailto:Jeff%20Campisi%20%3Cjcampisi@kaplanfox.com%3E%3B%20Laurence%20King%20%3CLKing@kaplanfox.com%3E%3B%20Mail%20%3CMail@kaplanfox.com%3E?subject=Applied%20Therapeutics%20Filing">JCampisi@kaplanfox.com</a>), or Larry King (<a href="mailto:Jeff%20Campisi%20%3Cjcampisi@kaplanfox.com%3E%3B%20Laurence%20King%20%3CLKing@kaplanfox.com%3E%3B%20Mail%20%3CMail@kaplanfox.com%3E?subject=Applied%20Therapeutics%20Filing">LKing@kaplanfox.com</a>), or contact them by phone, regular mail, or fax, or <a href="https://www.kaplanfox.com/case/applied-therapeutics-inc/?utm_source=NMW&amp;utm_medium=Press+Release&amp;utm_campaign=Applied+Therapeutics&amp;utm_id=Applied+Therapeutics&amp;utm_term=APLT+NMW">click here</a><a href="https://www.globenewswire.com/Tracker?data=GSAoUXHLSq4m-3PxafzoiiBo5yE4OTIE7FkkkNwpwob77tSo9twtMQM1A0WW2IN8FU6bH1G6TUsFYVpUFp1RTZac1BpkpFQNYHqi6_3dOFeKg_PuR7lvtBL1OFFWT9sU">.</a></p> <p>The Complaint alleges that &ldquo;[d]uring the Class Period, Defendants made positive representations about the Company&rsquo;s New Drug Application [ ] for govorestat and Defendants&rsquo; interactions with the U.S. Food and Drug Administration [ ] concerning the NDA for govorestat, such as &lsquo;things are going very well with the FDA&rsquo; and that there were no &lsquo;major sticking points&rsquo; with the FDA concerning the NDA for govorestat. In response to Defendants&rsquo; positive representations about the govorestat NDA, Applied&rsquo;s stock price significantly increased and Defendants took advantage of Applied&rsquo;s inflated stock price.&nbsp; The Company sold approximately $100 million in Applied securities through a private placement that valued the Company&rsquo;s shares at $7 per share. Defendant Shendelman sold Applied shares on the open market for over $4.7 million in net proceeds.&rdquo; The Complaint further alleges that &ldquo;unknown to investors, during the Class Period, the FDA had serious concerns about the NDA for govorestat and the study data results supporting the NDA, including undisclosed Dosing Errors and Study Data Deletion . . . issues.&nbsp; These data integrity issues were sticking points for the NDA for govorestat and were objectionable conditions observed by the FDA during its inspections of the Company and its clinical sites.&rdquo;</p> <p>The Complaint further alleges that on &ldquo;November 27, 2024, the truth began to partially be disclosed, when the Company disclosed receipt of a complete response letter [ ] from the FDA stating it was unable to approve the NDA for govorestat in its current form, citing deficiencies in the govorestat NDA, a disclosure that caused the Company&rsquo;s stock to crash over 80%. On December 2, 2024, the Class Period ends when, after the close of trading, the Company disclosed that it received a Warning Letter . . . from the FDA relating to the NDA for govorestat, a disclosure that caused Applied&rsquo;s shares to further decline. Shortly after the end of the Class Period, Defendant Shendelman &lsquo;stepped down&rsquo; as Chair and CEO of the Company.&rdquo;</p> <p>Plaintiff seeks to recover damages on behalf of the proposed Class and is represented by Kaplan Fox &amp; Kilsheimer LLP (<a href="https://www.globenewswire.com/Tracker?data=2cHp1TLg_Cpb3t9gOEvRlnG4GDanO-rAEo3D8xXjUnW3t3Yz0AUYQX_BwilEyeAdPTyIPjIuutGE4supgADBjg==">www.kaplanfox.com)</a>. Our firm, with offices in New York, Oakland, California, Los Angeles, Chicago, and New Jersey, has decades of experience in prosecuting investor class actions and actions involving violations of the federal securities laws.</p> <p>Jeffrey P. Campisi<br />KAPLAN FOX &amp; KILSHEIMER LLP<br />800 Third Avenue, 38th Floor<br />New York, New York 10022<br />Telephone: (212) 329-8571<br />Fax: (212) 687-7714<br />E-mail: <a href="https://www.globenewswire.com/Tracker?data=meCpZyLGFvfiXHnpX_HZGnkTJNIezAOZwAEjdChw16wV974iRCoeqndompPF8A9lxVnHZLBnYfJvqB42dbc-7pGjxL6SjlBqMauUoYBj9YQ=" aria-invalid="true">jcampisi@kaplanfox.com</a></p> <p>Laurence D. King<br />KAPLAN FOX &amp; KILSHEIMER LLP<br />1999 Harrison Street, Suite 1560<br />Oakland, California 94612<br />Telephone: (415) 772-4704<br />Fax: (415) 772-4707<br />E-mail: <a href="https://www.globenewswire.com/Tracker?data=0OyyBhGU9j2iC2X304LYeZr5z0x_lgIPYJSM3SIt7ymTmeGyWJb9bBH758AzUnLtNjH-gnz7ctA3tIYPSUD46Mx-PUqyncSGKcyyBXGX8FI=" aria-invalid="true">lking@kaplanfox.com</a></p><p class="nmw_link">View the original release on <a href="https://www.newmediawire.com/nmw_release/?rid=676ef89bda846f3dd21a4a9c/kaplan-fox-has-filed-a-class-action-to-recover-losses-for-investors-who-purchased-common-stock-of-applied-therapeutics-inc-nasdaq-aplt">www.newmediawire.com</a></p></div>
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