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Copyright ©2011 Levi & Korsinsky, LLP
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| Pain Therapeutics, Inc. |
| Pain Therapeutics, Inc. (NASDAQ: PTIE) shareholder litigation in connection with alleged securities fraud |
Levi & Korsinsky announces that a class action
lawsuit has been commenced in the United States
District Court, Western District of Texas on behalf of
purchasers of Pain Therapeutics, Inc. (“PTIE” or the
“Company”) (NASDAQ: PTIE) securities between
February 3, 2011 and October 17, 2011 (the “Class
Period”).
lawsuit has been commenced in the United States
District Court, Western District of Texas on behalf of
purchasers of Pain Therapeutics, Inc. (“PTIE” or the
“Company”) (NASDAQ: PTIE) securities between
February 3, 2011 and October 17, 2011 (the “Class
Period”).
The Complaint 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 suffered a loss in PTIE stock you have until January 31, 2012 to request that the Court
appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as
a lead plaintiff.
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 suffered a loss in PTIE stock you have until January 31, 2012 to request that the Court
appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as
a lead plaintiff.
