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Pomerantz Law Firm Has Filed a Class Action
Legal Focuses |
2011/12/05 18:24
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Pomerantz Haudek Grossman & Gross LLP has filed a class action lawsuit against Pain Therapeutics, Inc. and certain of its officers. The class action, filed in the United States District Court, Western District of Texas, is on behalf of a class consisting of all persons or entities who purchased PTIE securities during the period from February 3, 2011 through June 23, 2011. This class action is brought under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. Sections 78j(b) and 78t(a); and SEC Rule 10b-5 promulgated thereunder by the SEC, 17 C.F.R. Section 240.10b-5.
If you are a shareholder who purchased PTIE securities during the Class Period, you have until January 31, 2012 to ask the Court to appoint you as lead plaintiff for the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Rachelle R. Boyle at rrboyle@pomlaw.com or 888.476.6529, toll free, x350. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Complaint alleges that, during the Class Period, PTIE made false and/or misleading statements and/or failed to disclose material facts about a new drug, REMOXY. Specifically, PTIE failed to disclose that REMOXY was not approvable by the U.S. Food and Drug Administration due to chemistry, manufacturing, and control deficiencies that caused inconsistent results during laboratory tests.
On June 24, 2011, the Company announced that the Company had received a Complete Response Letter from the FDA on the New Drug Application for REMOXY. As a result of this revelation, PTIE's shares declined $3.94 per share or nearly 43%, to close at $5.30 per share on June 24, 2011.
On June 27, 2011, the Company disclosed that the FDA's Complete Response Letter raised concerns related to, among other things, the chemistry, manufacturing, and controls sections of the NDA for REMOXY. As a result of this revelation, PTIE's shares declined an additional $1.37 per share or nearly 26%, to close at $3.93 per share on June 27, 2011.
The Pomerantz Firm, with offices in New York, Chicago and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com. |
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Man tied to Ohio Craigslist case appears in court
Legal Focuses |
2011/12/01 18:27
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A suspect in a deadly Craigslist robbery plot was wheeled into court in an unrelated case Thursday, his head bobbing rhythmically, and he later ignored questions about the mounting body count and his relationship with a teen murder suspect.
Richard Beasley, unshaved and dressed in a white and gray striped jail outfit, didn't speak and kept his head down as Summit County Common Pleas Judge Tammy O'Brien revoked his bond on a drug-trafficking charge.
The legal problems faced by Beasley, a self-styled chaplain and youth mentor, are mounting: His attorney said a prostitution case involving the 52-year-old Beasley and a 17-year-old boy would be upgraded with a racketeering charge Friday.
The drug and prostitution cases in Akron are unrelated to a widening Craigslist homicide investigation.
Investigators say someone trying to lure robbery victims posted a bogus ad on Craigslist touting a cattle farm job in southeast Ohio.
Authorities have linked two bodies and the shooting of a man who survived to the scheme, which targeted single, out-of-work men in their late 40s or early 50s. The investigators heading up the Craigslist inquiry also found a third body but have yet to link it to the case.
A 16-year-old boy, Brogan Rafferty of nearby Stow, faces juvenile charges of aggravated murder, complicity to aggravated murder, attempted murder and complicity to attempted murder in the death of one man and the shooting of another. |
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Texas asks court to stop redistricting plan
Legal Focuses |
2011/11/28 17:43
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The Supreme Court has been asked to stop a federal court from implementing a state redistricting map in Texas that could increase minority representation in the state Legislature.
The state's attorney general, Greg Abbott, filed the request with the high court on Monday. The court-drawn map was drafted after minority groups challenged the original plan passed by the Republican-dominated state Legislature.
The map drawn by the San Antonio-based federal court could lead to greater minority representation and give Democrats a chance to add as many as a dozen seats in the Legislature. Abbott and other Republican leaders have denied that any of the legislature's redistricting maps would diminish minority voting power.
The court-ordered map will remain in place until the legal fights are resolved. |
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Fla. hired law firm with ties to Gov. Scott
Legal Focuses |
2011/11/18 17:06
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Florida has spent nearly a half-million dollars - and could spend even more - with a large, well-known law firm that has connections to both the Republican Party of Florida as well as Gov. Rick Scott.
Since August the state has paid nearly $400,000 to the law firm of Alston and Bird to defend a new state law that requires public employees to contribute 3 percent of their pay to the state pension fund.
The firm was hired at the urging of the Scott administration which asked Attorney General Pam Bondi to approve paying the firm hourly rates at $495 an hour or nearly $300 more than what is normally allowed.
The Scott administration and Bondi have defended the hiring of the firm, saying it specializes in the kind of litigation that the state is now involved in.
But the firm's roster also includes a one-time business associate of Scott.
While not working directly on the lawsuit, a senior counsel with the firm's Washington D.C. office is Thomas Scully. Scully is also a general partner with the New York investment firm of Welsh, Carson, Anderson & Stowe. That's the investment firm that this June purchased Scott's shares in Solantic, a chain of urgent care clinics the governor started back in 2001.
Scully, who once led the Federation of American Hospitals, was appointed to the board of directors of Solantic back in 2008. |
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Norway killer claims mantle of resistance leader
Legal Focuses |
2011/11/12 19:28
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The anti-Muslim extremist who confessed to a bombing and shooting massacre that killed 77 people in Norway tried to declare himself a resistance leader Monday at his first public court hearing but was quickly cut off by the judge.
Anders Behring Breivik was escorted by guards into an Oslo court room packed with dozens of reporters and spectators, including survivors of his rampage at a youth camp near the capital who were seeing him in person for the first time since the July 22 attack.
"I am a military commander in the Norwegian resistance movement," Breivik said before the judge interrupted him and told him to stick to the issue at hand — his further detention.
The court extended his custody 12 more weeks until Feb. 6, but decided to gradually lift the restrictions on his media access, visitors and mail. Breivik is being held pending his trial on terror charges.
If found guilty, he could be sentenced to 21 years in prison. An alternative custody arrangement — if he is still considered a danger to the public — could keep him behind bars indefinitely.
At the end of Monday's hearing, the 32-year-old Norwegian asked Judge Torkjel Nesheim if he could address survivors and victims' relatives but was turned down. |
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