On January 3, 2017, PixarBio's Chief Executive Officer, Frank Reynolds, announced a purported effort by PixarBio to acquire InVivo Therapeutics Holdings Corp. ("InVivo"). InVivo subsequently stated that it had never engaged in any discussions regarding a possible deal and dismissed the purported offer as "not credible."
On January 23, 2017, the U.S. Securities and Exchange Commission halted trading in the securities of PixarBio, citing concerns about possible "manipulative or deceptive activities" in the market for the Company's stock. The SEC stated, in part, that "the market for the security appears to reflect manipulative or deceptive activities and because of questions regarding the accuracy of assertions by PixarBio in press releases and its Form S-1 concerning, among other things: (1) the company's business combinations and current shareholders; (2) the identity and qualifications of key shareholders and employees; and (3) the company's current and prospective development efforts."
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Robert S. Willoughby
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SOURCE Pomerantz LLP