NEW YORK, Oct. 29, 2018 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C. reminds investors that a class action lawsuit has been filed in the U.S. District Court for the District of Utah on behalf of all persons or entities who purchased or otherwise acquired PolarityTE, Inc. (NASDAQ: PTE) securities between March 31, 2017 and June 22, 2018 (the “Class Period”).
According to the complaint, on April 7, 2017, PolarityTE announced that the company bought Dr. Denver Lough’s pending Patent #14/954,335 (the “Patent”) in exchange for over $104 million of PolarityTE stock. Although Dr. Lough received a notice of non-final rejection of the Patent on March 31, 2017, PolarityTE never disclosed this fact to investors, and even represented the Patent was already patented. It therefore came as a surprise to investors when Citron Research published a report on June 25, 2018, revealing that PolarityTE failed to disclose that the U.S. Patent Trademark Office had issued a final rejection of the Patent on June 4, 2018. On this news, PolarityTE’s stock fell more than 27% to close at $28.14 per share on June 25, 2018, and currently trades at just about half that price.
If you are a long term stockholder of PolarityTE, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning our investigation into PolarityTE, please go to http://www.bespc.com/pte/. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contacts
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com