NEW YORK, April 23, 2012 /PRNewswire/ -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased NeurogesX, Inc. ("NeurogesX" or the "Company") (Nasdaq: NGSX) common stock between May 9, 2011 and September 27, 2011.
The complaint alleges that the Company's Board of Directors issued materially false and misleading statements and/or failed to disclose material adverse facts concerning the employment of Dr. Jeffrey K. Tobias, the Company's former Chief Medical Officer and Executive Vice President of Research and Development. Specifically, the complaint alleges that representatives of NeurogesX, including Tobias himself, failed to disclose and/or actively concealed the fact that Tobias was seeking other employment. As a result of the aforementioned allegations, NeurogesX's stock traded at artificially high prices.
On September 27, 2011, the Company announced Tobias' resignation. Upon this announcement, shares of NeurogesX declined almost 40%. By October 3, 2011, the Company had lost over half its market value.
If you suffered a loss in NeurogesX you have 60 days from todayto request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (877) 363-5972, or visit http://www.zlk.com.
Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.com