Pain Therapeutics, Inc.
Class Period: Feb 3, 2011 to Jun 23, 2011
Lead Plaintiff Deadline: Jan 31, 2012 + Deadline passed
Summary of Case:
A securities class action has been filed against Pain Therapeutics, Inc. ("PTIE" or the "Company") on behalf of all persons who purchased or otherwise acquired PTIE securities from February 03, 2011 to June 23, 2011. This case has been filed in the USDC - Texas (Western).
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.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.