Applied Therapeutics Takes Action Against Fraudulent “Short Report”
On July 1, 2020, a fraudulent “short report” was posted.
The fraudulent report includes manipulated company graphs and figures, fraudulent misrepresentation of data, and factual misstatements.
Applied Therapeutics will work with law enforcement and regulators to ensure this criminal stock manipulation is prosecuted to the fullest extent of the law.
Applied Therapeutics, Inc. (Nasdaq: APLT), a clinical-stage biopharmaceutical company developing a pipeline of novel drug candidates against validated molecular targets in indications of high unmet medical need, announced that it has uncovered fraudulent attempts to manipulate the Applied Therapeutics stock.
On July 1, 2020, a fraudulent “short report,” was posted on an online platform from an untraceable and anonymous source. Immediately following, individuals believed to have taken short positions in Applied Therapeutics’ stock shared the report on social media. The report includes fabricated graphs and fraudulent data which it falsely attributes to Applied Therapeutics for the apparent purpose of manipulating the company’s stock price.
Applied Therapeutics will work with law enforcement and regulators to ensure that this criminal activity is prosecuted. The company has hired Reed Brodsky of Gibson, Dunn & Crutcher, a former federal prosecutor at the United States Attorney’s Office for the Southern District of New York, to assist in this matter.
Applied Therapeutics stands behind its data and high-quality, innovative development programs, and reinforces its commitment to value creation for investors through technology advancement.
About Applied Therapeutics, Inc.
Applied Therapeutics is a clinical-stage biopharmaceutical company developing a pipeline of novel drug candidates against validated molecular targets in indications of high unmet medical need. The Company’s lead drug candidate, AT-007, is a novel central nervous system penetrant aldose reductase inhibitor (ARI) for the treatment of Galactosemia, a rare pediatric metabolic disease. The Company initiated a pivotal Phase 1/2 clinical trial in June 2019, read out positive top-line biomarker data in adult Galactosemia patients in January 2020 and announced full data from the trial in April 2020. The Company is also developing AT-001, a novel potent ARI that is being developed for the treatment of Diabetic Cardiomyopathy, or DbCM, a fatal fibrosis of the heart. The Company initiated a Phase 3 registrational study in DbCM in September 2019. The preclinical pipeline also includes AT-003, an ARI designed to cross through the back of the eye when dosed orally, for the treatment of diabetic retinopathy, as well as novel dual PI3k inhibitors in preclinical development for orphan oncology indications.
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