NEW YORK, Aug. 16, 2018 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in PolarityTE, Inc. ("Polarity" or the "Company") (NASDAQ:COOL) of the August 27, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Polarity stock or options between March 31, 2017 and June 22, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/COOL. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the District of Utah on behalf of all those who purchased Polarity common shares between March 31, 2017 and June 22, 2018 (the "Class Period"). The case, Moreno v. Polarityte et al, No. 18-cv-00510 was filed on June 26, 2018, and has been assigned to Judge Jill N. Parrish.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by: (1) failing to disclose the status of Patent #14/954,335 at the time it was acquired by the Company on April 7, 2017; and (2) failing to disclose the updated status of Patent #14/954,335 after its June 4, 2018 final rejection by the United States Patent Office.
Specifically, on June 25, 2018, Citron Research released a report that accused the Company of securities fraud. The report alleges that the Company knowingly misled investors by omitting important information on Patent #14/954,335, which was fundamental to the Company's business prospects.
On this news, Polarity's common shares dropped from $38.73 per share on June 22, 2018 to $28.14 per share on June 25, 2018—a $10.59 or 27.33% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Polarity's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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