NEW YORK, June 27, 2018 /PRNewswire/ -- Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of PolarityTE, Inc. ("PolarityTE" or the "Company") (NASDAQ: COOL) between March 31, 2017 and June 25, 2018, both dates inclusive (the "Class Period"). The lawsuit seeks to recover PolarityTE shareholders' investment losses.
According to the lawsuit, throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose: (1) the status of Patent #14/954,335 at the time it was acquired by PolarityTE on April 7, 2017 and the months following; (2) the updated status of Patent #14/954,335 after its June 4, 2018 final rejection by the United States Patent and Trademark Office ("USPTO"); and (3) that as a result of the foregoing, PolarityTE's publicly disseminated financial statements were materially false and misleading.
On June 25, 2018, Citron Research published a report calling PolarityTE a "fraud," accusing it of failing to disclose that its key technology has been rejected patent status by the USPTO.
On this news, PolarityTE's stock fell $12.32 per share, or over 31%, over two consecutive trading days to close at $26.41 per share on June 26, 2018, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than August 27, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.