NEW YORK--(BUSINESS WIRE)--Kirby McInerney LLP announced today that a class action lawsuit is pending in the United States District Court for the District of Massachusetts on behalf of investors who acquired InVivo Therapeutics Holdings Corp. (“InVivo” or the “Company”) (OTC:NVIV) securities during the period from April 5, 2013 through August 26, 2013 (the “class period”). Pursuant to applicable law, investors have until October 6, 2014 to file a motion to be appointed as lead plaintiff in the investor lawsuit.
The lawsuit charges that the Company misrepresented the amount of time it would take to submit testing data for its biopolymer scaffold product, a medical product used to improve function in individuals paralyzed from traumatic spinal cord injuries, to the Food and Drug Administration (“FDA”). Specifically, the suit alleges that in April and May of 2013, the Company stated that it would be able to report results of its first-in-man clinical study of the product to the FDA by the end of 2014 despite that the conditions set forth by the FDA, and unknown to investors, would make meeting this deadline impossible.
On August 27, 2013, the Company announced that it would need at least 24 months from the date of the first enrolled patient to complete the trial. On this news, the price of InVivo’s common stock declined from $3.45 on August 26, 2013 to $2.07 on August 27, 2013, for a loss of value of 40%. The price of the stock continued to decline on August 28, 2013, closing at $1.71, and additional decline of 17%.
If you acquired InVivo securities during this period and you are interested in learning more about this matter and any rights you might have with respect to these claims, contact Melissa Fortunato at email@example.com, by telephone at (212) 371-6600, or by filling out this form. Please bear in mind that some of these rights may be time-sensitive.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, whistleblower, antitrust and consumer litigation. The firm has specialized in complex litigation, including securities class actions, for several decades. Kirby McInerney LLP has repeatedly demonstrated its expertise in this field, and has been recognized by various courts that have appointed the firm to major positions in consolidated and multi-district litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars, and the firm’s achievements and quality of service have been chronicled in numerous published decisions. Additional information about the firm or the claims against InVivo can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.