NEW YORK, March 18, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in PixarBio Corporation ("PixarBio" or the "Company") (OTC:PXRB) of the March 27, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased PixarBio securities pursuant to the Company's private placement that closed on October 30, 2016 (the "Private Placement"); and/or publicly traded on the open market between October 31, 2016 and January 20, 2017 (the "Class Period"). The case, ALLEN v. PIXARBIO CORPORATION f/k/a BMP HOLDINGS INC. et al, No. 2:17-cv-00496 was filed on January 25, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing 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 accuracy; and (3) as a result, the Company's public statements were materially false and misleading.
Specifically, on January 23, 2017, the Securities and Exchange Commission ("SEC") announced the temporary suspension of trading in the securities of PixarBio stating, 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."
Given the SEC's suspension of PixarBio securities, shares of PixarBio are illiquid, thus causing damage to investors.
Request more information now by clicking here: www.faruqilaw.com/PXRB . There is no cost or obligation to you.
If you invested in PixarBio securities pursuant to the Company's Private Placement and/or during the aforementioned Class Period and would like to discuss your legal rights, visit www.faruqilaw.com/PXRB. 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 also encourages anyone with information regarding PixarBio's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that 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 of whether or not to serve as a lead plaintiff.
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Telephone: (877) 247-4292 or (212) 983-9330
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SOURCE Faruqi & Faruqi, LLP