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Pomerantz Law Firm Has Filed a Class Action
Headline Legal News |
2011/12/05 10:21
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Pomerantz Haudek Grossman & Gross LLP has filed a class action lawsuit against Pain Therapeutics, Inc. and certain of its officers. The class action, filed in the United States District Court, Western District of Texas, is on behalf of a class consisting of all persons or entities who purchased PTIE securities during the period from February 3, 2011 through June 23, 2011. This class action is brought under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. Sections 78j(b) and 78t(a); and SEC Rule 10b-5 promulgated thereunder by the SEC, 17 C.F.R. Section 240.10b-5.
If you are a shareholder who purchased PTIE securities during the Class Period, you have until January 31, 2012 to ask the Court to appoint you as lead plaintiff for the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Rachelle R. Boyle at rrboyle@pomlaw.com or 888.476.6529, toll free, x350. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Complaint alleges that, during the Class Period, PTIE made false and/or misleading statements and/or failed to disclose material facts about a new drug, REMOXY. Specifically, PTIE failed to disclose 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.
On June 24, 2011, the Company announced that the Company had received a Complete Response Letter from the FDA on the New Drug Application for REMOXY. As a result of this revelation, PTIE's shares declined $3.94 per share or nearly 43%, to close at $5.30 per share on June 24, 2011.
On June 27, 2011, the Company disclosed that the FDA's Complete Response Letter raised concerns related to, among other things, the chemistry, manufacturing, and controls sections of the NDA for REMOXY. As a result of this revelation, PTIE's shares declined an additional $1.37 per share or nearly 26%, to close at $3.93 per share on June 27, 2011.
The Pomerantz Firm, with offices in New York, Chicago and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com. |
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Pa. capital takeover challenged in federal court
Headline Legal News |
2011/12/02 11:03
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The state takeover of Pennsylvania's financially troubled capital city received a fresh challenge Thursday, as three Harrisburg residents filed a federal lawsuit calling it an unconstitutional violation of their rights and asking for it to be stopped.
The suit names Gov. Tom Corbett, who signed a law on Oct. 20 enabling an unprecedented takeover of Harrisburg, and the Corbett appointee who, if confirmed, would have broad authority to force the city to pay down a massive debt tied to its trash incinerator.
The lawsuit was filed by a former mayoral candidate, a firefighters' union president and a religious leader. It alleges that the law and the state's takeover violate the plaintiffs' constitutional rights to due process and equal protection.
A Corbett administration spokeswoman said she had not seen the lawsuit and could not immediately comment.
The suit is the latest twist in a battle over who will end up footing the $300 million incinerator debt.
The first attempt to stop the takeover failed last week when a federal bankruptcy judge threw out a petition by a divided City Council to get federal bankruptcy protection for Harrisburg. The judge said the city had been legally barred by a separate state law — signed June 30 by Corbett — from seeking bankruptcy protection and, in any case, had no authority to go over the mayor's head to file it. |
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LA protesters defy eviction efforts, go to court
Headline Legal News |
2011/11/29 09:49
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Occupy Wall Street protesters who defied a deadline to remove their weeks-old encampment on the Los Angeles City Hall lawn stood their ground Tuesday as they faced uncertainty over when or if police would push them out of the park — and if an eviction could happen without the kind of violence that has engulfed the removal of protest sites in other cities.
Protesters in the nation's second largest city have turned to the federal courts to keep officers away after disobeying a city-imposed 12:01 a.m. deadline Monday to take down their camp. They argue that the City Council passed a resolution in support of the movement and that the city's mayor and police did not have the authority to evict them.
The chances that protesters will get an injunction appear slim, constitutional experts say.
Meanwhile, city officials said they will only move in on the camp when conditions are safest not just for protesters and officers but also the roughly 100 homeless people who had joined the encampment.
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Court will decide question on crack sentencing
Headline Legal News |
2011/11/28 09:39
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The Supreme Court will decide whether a law meant to reduce the disparity between crack and powder cocaine prison sentences can apply those who were convicted — but not sentenced — before its enactment.
The high court on Monday agreed to hear an appeal from Edward Dorsey and Corey Hill, who were both convicted of crack cocaine crimes.
However, the men were not sentenced until after The Fair Sentencing Act went into effect. That law reduces the difference between sentences for crimes committed by crack cocaine and powder cocaine users.
The two men argue that because their sentences came after the law's effective date, they should get its lesser prison time. The 7th U.S. Circuit Court of Appeals disagreed, and the high court will review that decision. |
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Texas AG blasts court's redistricting maps
Headline Legal News |
2011/11/20 09:30
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Texas' attorney general sharply criticized a federal court Friday over its proposed maps for state House and Senate districts in the 2012 election, saying the judges overstepped their bounds.
The San Antonio-based federal court released the proposed redistricting maps late Thursday and gave those involved in the case until noon Friday to comment. Minority groups have filed a legal challenge to the Republican-drawn maps, saying they are discriminatory. The court's maps are intended to be an interim solution until the case is resolved after the 2012 elections.
Maps for the House and Senate released Thursday restore many of the minority districts — where Democrats hold the seats — to their previous shapes. Republican lawmakers have denied their maps were intended to minimize minority representation, and say they merely reflect the GOP majority in Texas. |
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Investment Fraud Litigation |
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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
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The content contained on the web site has been prepared by Securities Law News as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case. | Affordable Law Firm Website Design by Law Promo |
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