NEW YORK, Aug. 14, 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. ("PolarityTE" or the "Company") (NASDAQ: COOL)
securities between March 31,
2017 and June 25, 2018
(the "Class Period"), 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
company continues to deceive investors." According to the
report, PolarityTE has made and continues to make false
representations in connection with a patent application that was
acquired from the Company's Chief Scientific Officer and Chairman
of the Board. According to Citron Research, on that
same day, the US Patent Trademark Office conveyed a letter of
non-final rejection of the patent, which the Company failed to
disclose to shareholders. On June
4, 2018, a final rejection letter for the patent application
was issued to the Company. During the Class Period,
PolarityTE sold about 7.6 million shares without disclosing any
issues relating to the patent application.
PolarityTE's stock has lost nearly a quarter of its value since
June 25, with shares trading for as
low as $17.17 per share on July
24.
The complaint in the class action lawsuit alleges that
PolarityTE, at all relevant times, made false and materially
misleading statements and failed to disclose material information
relating to the patent application.
If you are a PolarityTE 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. No class has yet
been certified, if you wish to serve as lead plaintiff, you must
move the Court not later than August 27,
2018.
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-lp/
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SOURCE WeissLaw LLP