BERWYN, Pa., Jan. 27, 2017 /PRNewswire/ --RM LAW, P.C. announces that a class action lawsuit has been filed in United States District Court for the District of New Jersey on behalf of all persons or entities that purchased PixarBio Corporation ("PixarBio" or the "Company) (OTC: PXRB) securities: (1) pursuant and/or traceable to PixarBio's private placement that closed on October 30, 2016; and/or (2) publicly traded on the open market from October 31, 2016 through January 20, 2017, inclusive (the "Class Period").
PixarBio shareholders may, no later than March 27, 2017, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of PixarBio and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, visit: www.maniskas.com.
PixarBio is a specialty pharmaceutical/biotechnology company that focuses on the pre-clinical and clinical development of neurological drug delivery systems for post-operative pain.
The Complaint alleges that throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that (1) the market for PixarBio's securities exhibited manipulative or deceptive activities; (2) PixarBio's assertions in press releases, third-party promotional materials, and PixarBio's Form S-1 concerning, among other things, PixarBio's business combinations and current shareholders; the identity and qualifications of key shareholders and employees and PixarBio's current and prospective development efforts lacked veracity; and (3) as a result, Defendants' public statements were materially false and misleading at all relevant times.
On January 3, 2017, PixarBio's Chief Executive Officer, Frank Reynolds, disclosed that the Company had plans to acquire InVivo Therapeutics Holdings Corp. ("InVivo"). In response, InVivo stated that it had never been involved in any negotiations regarding a deal and rejected the offer.
Then on January 23, 2017, citing concerns about possible "manipulative or deceptive activities," the U.S. Securities and Exchange Commission froze trading of PixarBio shares. According to the SEC, "the market for the security appears to reflect manipulative or deceptive activities."
If you are a member of the class, you may, no later than March 27, 2017, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.
For more information regarding this, please contact RM LAW, P.C. (Richard A. Maniskas, Esquire) toll-free at (844) 291-9299 or by email at email@example.com or visit: www.maniskas.com. For more information about class action cases in general or to learn more about RM LAW, P.C. please visit our website: www.maniskas.com.
RM LAW, P.C. is a national shareholder litigation firm. RM LAW, P.C. is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
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SOURCE RM LAW, P.C.