LAWSUITS NEWS & LEGAL INFORMATION
Pain Therapeutics, Inc. PTIE Securities Stock Fraud
|Company:||Pain Therapeutics, Inc.|
|Class Period:||Feb-3-11 to Oct-17-11|
|Lead Plaintiff Deadline:||Feb-3-12|
|Court:||Western District of Texas|
The lawsuit alleges that during the Class Period PTIE made false and/or misleading statements and/or failed to disclose material facts regarding the Company's new drug, REMOXY. Specifically, PTIE failed to disclose that due to deficiencies in the drug's chemistry, manufacturing, and control, REMOXY was not approvable by the U.S. Food and Drug Administration due to chemistry, manufacturing, and control deficiencies that caused inconsistent results during laboratory tests.
On June 24, 2011, the Company announced that it received a Complete Response Letter from the FDA on the New Drug Application for REMOXY. In reaction to this news, PTIE's shares declined $3.94 per share or nearly 43%, to close at $5.30 per share on June 24, 2011.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
Pain Therapeutics, Inc. PTIE Securities Fraud Legal HelpIf you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible Pain Therapeutics, Inc. securities class action lawsuit. Please click the link below to submit your complaint for a free evaluation.
Published on Dec-5-11
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