PolyMedix, Inc. : Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against PolyMedix, Inc.
07/05/2012| 01:45pm US/Eastern
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Rigrodsky
& Long, P.A. announces that a complaint has been filed in the
United States District Court for the Eastern District of Pennsylvania on
behalf of all persons or entities that purchased the common stock of
PolyMedix, Inc. ("PolyMedix" or the "Company") (OTC BB: PYMX)
between December 15, 2010 and April 4, 2012, inclusive (the "Class
Period"), alleging violations of the Securities Exchange Act of 1934
against the Company and certain of its officers (the "Complaint").
If you purchased shares of PolyMedix during the Class Period, or
purchased shares prior to the Class Period and still hold PolyMedix, and
wish to discuss this action or have any questions concerning this notice
or your rights or interests, please contact Timothy
J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 825
East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by
e-mail to info@rigrodskylong.com,
or at: http://www.rigrodskylong.com/investigations/polymedix-inc-pymx.
PolyMedix, a Delaware corporation headquartered in Radnor, Pennsylvania,
is a clinical stage biotechnology company that develops small-molecule
drugs for the treatment of serious acute care conditions. The Complaint
alleges that throughout the Class Period, defendants made materially
false and misleading statements, and omitted materially adverse facts,
about the Company's business, operations and prospects. Specifically,
the Complaint alleges that the Defendants misled investors about the
commercial viability, safety, and market potential for PMX-60056.
PMX-60056 was a cardiovascular compound that was intended to reverse the
activity of common blood clotting agents in order to avoid the risk of
stroke. As a result of defendants' false and misleading statements, the
Company's stock traded at artificially inflated prices during the Class
Period.
According to the Complaint, on February 9, 2011, the Company initiated
Phase 2 clinical trials for PMX-60056 even though Phase 1 clinical trial
results suggested that this drug was linked to adverse blood pressure
side effects, specifically hypertension. Despite Defendants' knowledge
or reckless disregard of PMX-60056's adverse side effect, they made no
mention as to the severity of this problem, and its effect on the
continued development and marketability of this new drug compound.
Finally, on May 10, 2012, the Company issued a press release disclosing
for the first time to investors that the Company "decided to stop
enrollment in both [PMX-60056] clinical trials due to observations of
reduction in blood pressure." On this news, the price of the Company's
stock declined nearly 39%, closing at $0.39 on May 11, 2012.
If you wish to serve as lead plaintiff, you must move the Court no later
than August 31, 2012. A lead plaintiff is a representative party acting
on behalf of other class members in directing the litigation. In order
to be appointed lead plaintiff, the Court must determine that the class
member's claim is typical of the claims of other class members, and that
the class member will adequately represent the class. Your ability to
share in any recovery is not, however, affected by the decision whether
or not to serve as a lead plaintiff. Any member of the proposed class
may move the court to serve as lead plaintiff through counsel of their
choice, or may choose to do nothing and remain an absent class member.
While Rigrodsky
& Long, P.A. did not file the Complaint in this matter, the
firm, with offices in Wilmington, Delaware and Garden City, New York, regularly
litigates securities class, derivative and direct actions, shareholder
rights litigation and corporate governance litigation, including
claims for breach of fiduciary duty and proxy violations in the Delaware
Court of Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar outcome.
Rigrodsky & Long, P.A.
Timothy J. MacFall, Esquire
Peter
Allocco
888-969-4242
516-683-3516
Fax: 302-654-9430
info@rigrodskylong.com
http://www.rigrodskylong.com
© Business Wire 2012
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