BOSTON, June 27, 2018 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, announces that it has filed a securities fraud class action against PolarityTE, Inc. ("PolarityTE" or the "Company") (NASDAQ: COOL) and certain of its officers alleging violations of the federal securities laws and encourages shareholders to contact Block & Leviton ahead of the August 27, 2018 lead plaintiff deadline at the contact information below.
On June 25, 2018, Citron Research ("Citron") issued a report in which Citron detailed the Company's track record of material misrepresentations, misstatements, and omissions pertaining to the status of a key patent application. The Citron report noted that as far back as March 31, 2017, the USPTO notified the Company of its non-final rejection of patent #14/954,335. Citron's report continued to highlight the Company's subsequent failure to disclose the patent's non-final rejection status and its continued behavior of representing the technology linked to the patent in a positive light. The report also pointed to the USPTO's final rejection of the patent on June 4, 2018 – information that the Company also failed to disclose. On this news, COOL stock plunged more than 34%.
The complaint, filed in the United States District Court of Utah, captioned Moreno v. PolarityTE, Inc. et al., Case No. 2:18-cv-00510, alleges that between March 31, 2017 and June 25, 2018, inclusive (the "Class Period"), Defendants made flase and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failures to disclose pertaining to a number of topics, including (i) the status of Patent #14/954,335 at the time it was acquired by the Company on April 7, 2017 and the months following; (ii) the updated status of Patent #14/954,335 after its June 4, 2018 final rejection by the USPTO; and (iii) that as a result of the foregoing, PolarityTE's publicly disseminated financial statements were materially false and misleading.
If you purchased PolarityTE shares between March 31, 2017 and June 25, 2018 and wish to serve as a lead plaintiff, you must move the Court no later than August 27, 2018. As a member of the class, you may seek to file a motion to serve as a lead plaintiff or take no action and remain an absent class member. If you wish to become involved in the litigation or have questions about your legal rights, you are encouraged to contact Attorney John DeFelice at (888) 868-2385, by email at email@example.com or by visiting http://shareholder.law/cool.
Confidentiality to whistleblowers or others with information relevant to this investigation is assured.
Block & Leviton LLP was recently ranked 4th among securities litigation firms by ISS for recoveries in 2017. The firm represents many of the nations' largest institutional investors and numerous individual investors in securities litigation throughout the country. Indeed, its lawyers have recovered billions of dollars for its clients.
The court in which this case is pending is located at 351 S. West Temple, Salt Lake City, Utah, 84101.
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BLOCK & LEVITON LLP
(617) 398-5600 phone
155 Federal Street, Suite 400
Boston, MA 02110
SOURCE Block & Leviton LLP