PHILADELPHIA--(BUSINESS WIRE)--The law firm of Spector, Roseman & Kodroff, P.C. announces that a securities class action lawsuit has been filed on behalf of investors who purchased PolarityTE Inc. (Nasdaq: COOL) securities on the open market between March 31, 2017 and June 25, 2018 (the “Class Period”).
According to the lawsuit, throughout the Class Period, defendants failed to disclose material adverse facts about PolarityTE's business, operations, and prospects, including: (1) the status of Patent #14/954,335 at the time it was acquired by PolarityTE on April 7, 2017 and the months following; and (2) the updated status of Patent #14/954,335 after its June 4, 2018 final rejection by the U.S. Patent Trademark Office. On June 25, 2018, Citron Research published a report exposing the Company’s failure to disclose a March 31, 2017 notice on non-final rejection of the patent and the June 4, 2018 final rejection. On this news, the price of the Company’s common stock declined $13.37 per share, or 34%, to close at $25.60 per share.
Until a class is certified, you are not represented by counsel unless you retain one. You may also remain an absent class member and do nothing at this point or you may retain counsel of your choice.
If you purchased PolarityTE securities during the Class Period, you may, no later than August 27, 2018, move to be appointed as a Lead Plaintiff in this class action. A Lead Plaintiff is a representative chosen by the Court that acts on behalf of other class members in directing the litigation. If you have sustained substantial losses in PolarityTE securities during the Class Period and wish to move to be appointed as Lead Plaintiff, please contact Spector, Roseman & Kodroff, P.C. toll-free at 888-844-5862 or via e-mail at firstname.lastname@example.org. For more detailed information about the firm please visit its website at http://www.srkattorneys.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania, concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract, and commercial claims. The firm’s reputation for excellence has been recognized by courts on repeated occasions. The firm has recovered hundreds of millions of dollars through judgments and settlements on behalf of defrauded shareholders and companies.