NEW YORK, June 28, 2018 /PRNewswire/ -- WeissLaw LLP,
a national class action and shareholders' rights law firm with
offices in New York, Georgia, and Los
Angeles, announces that a class action lawsuit has been
filed on behalf of all persons or entities who purchased shares of
PolartiyTE, Inc. ("COOL," or the "Company") securities between
March 31, 2017 and
June 25, 2018, both dates
inclusive.
On June 25, 2018, Citron
Research published a report alleging a "[h]istory of [f]raud"
by the Company, and urging the SEC to "halt this stock immediately
before insiders are allowed to enrich themselves even more as the
[C]ompany continues to deceive investors." According to the
report, COOL has and continues to make false representation in
connection with its SkinTE patent, application
#14/954,335.
Patent application #14/954,335 was acquired on April 7, 2017 from Dr. Denver Lough, the Company's Chief Scientific
Officer and Chairman of the Board of Directors, for approximately
$104 million in COOL stocks.
According to Citron Research, on that same day, the US
Patent Trademark Office mailed to Dr. Lough a letter indicating the
non-final rejection of his patent which the Company failed to
disclose to its public shareholders. In fact, the Company
continued to raise money, filing with the SEC on May 29, 2018 a Form S-8 to allow for the sale of
approximately 5.5 million more shares of the Company's common
stock.
On June 4, 2018, a final rejection
letter for patent application #14/954,335 was issued to the
Company. On that same day, without disclosing any issues
relating to the patent application, COOL announced the offering of
2.1 million shares.
COOL's stock has lost nearly a quarter of its value since
June 25, with shares trading for as
low as $21.73.
The complaint alleges that COOL, at all relevant times, made
false and materially misleading statements and failed to disclose
material information relating to patent application
#14/954,335.
If you are a COOL shareholder and wish to discuss this action,
any questions concerning this notice, your rights or interests,
please contact Joshua Rubin
of WeissLaw LLP at 888.593.4771, or by e-mail at
stockinfo@weisslawllp.com. You must you must move the
Court not later than August 27,
2018 to serve as lead plaintiff.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients. For more information about the firm,
please go to: http://www.weisslawllp.com/polarityte-inc/
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SOURCE WeissLaw LLP