STEVENSON, Md., Nov. 25, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Pennsylvania on behalf of purchasers of PhotoMedex, Inc. ("PhotoMedex" or the "Company") (Nasdaq:PHMD) common stock during the period between November 7, 2012 and November 14, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in PhotoMedex, Inc. common stock purchased on or after November 7, 2012, and held through any of the revelations of negative information on October 17, 2103, November 6, 2013, and/or November 14, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than January 21, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the effectiveness of the Company's key product, the no!no! device, rested on flimsy studies, that a more credible study showed that the no!no! device worked no better than shaving, and that the Company overstated its prospects for the no!no! device in the Japanese market. According to the complaint, following the October 17, 2013 report by TheStreetSweeper.org that raised serious concerns about the ineffectiveness and declining sales of the no!no! device, the Company's November 6, 2013 disclosure that there were no consumer sales to the Company's distributor in Japan in the third quarter of 2013, and the November 14, 2013 report by TheStreetSweeper.org which raised additional concerns about the effectiveness and sales of the no!no! device, the value of PhotoMedex shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.