Brower Piven Encourages Investors Who Have Losses in Excess of $200,000 From Investment in Pain Therapeutics, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the January 31, 2012 Lead Plaintiff Deadline
(firmenpresse) - STEVENSON, MD -- (Marketwire) -- 12/10/11 -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Western District of Texas on behalf of purchasers of the securities of Pain Therapeutics, Inc. ("PTIE" or the "Company") (NASDAQ: PTIE) during the period between February 3, 2011 and June 23, 2011, inclusive (the "Class Period").
If you have suffered a net loss for all transactions in Pain Therapeutics, Inc. securities during the Class Period, (including shares or possibly calls purchased during, but not sold until after the end of the Class Period or possibly put options sold but not covered until after the end of the Class Period), you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at , by email at , by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than January 31, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that 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. According to the complaint, after, on June 24, 2011, the Company announced that it had received a Complete Response Letter from the FDA which did not approve the New Drug Application for REMOXY, the value of PTIE shares declined significantly. Also according to the complaint, the Complete Response Letter raised concerns related to, among other things, the chemistry, manufacturing, and controls sections of the NDA for REMOXY.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT:
Charles J. Piven
Brower Piven, A Professional Corporation
Stevenson, Maryland
410/415-6616
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Datum: 10.12.2011 - 11:03 Uhr
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