PixarBio investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, PixarBio is a specialty pharmaceutical/biotechnology company that focuses on the pre-clinical and clinical development of neurological drug delivery systems for post-operative pain.
The Class Period commences on October 31, 2016, when PixarBio filed a Form 8-K with the SEC attaching as Exhibit 99.1 a press release issued by the Company entitled “PixarBio Corporation, Finalized its Merger Transaction with BMP Holdings, Stock Trading on The OTC Markets Begins Monday October 31, 2016 Under New Stock Symbol PXRB.”
According to the complaint, defendants made false and/or misleading statements and/or failed to disclose that: (1) the market for PixarBio’s securities exhibited manipulative or deceptive activities; (2) PixarBio’s assertions in press releases, third-party promotional materials, and PixarBio’s Form S-1 concerning, among other things, PixarBio’s business combinations and current shareholders; the identity and qualifications of key shareholders and employees and PixarBio’s current and prospective development efforts lacked veracity; and (3) as a result, defendants’ public statements were materially false and misleading at all relevant times.
On January 23, 2017, the SEC issued a release announcing the temporary suspension of trading in the securities of PixarBio, stating in pertinent part: “The Commission temporarily suspended trading in the securities of PixarBio because the market for the security appears to reflect manipulative or deceptive activities and because of questions regarding the accuracy of assertions by PixarBio in press releases and its Form S-1 concerning, among other things: (1) the company’s business combinations and current shareholders; (2) the identity and qualifications of key shareholders and employees; and (3) the company’s current and prospective development efforts. This order was entered pursuant to Section 12(k) of the Exchange Act.”
Following this news, trading in PixarBio securities was temporarily suspended.
If you are a member of the class described above, you may no later than March 27, 2017 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts 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 purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-888-299-7704 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com