Robbins Umeda LLP Announces Class Action Suit Against PolyMedix, Inc.
Robbins Umeda LLP announces that the firm commenced a class action lawsuit on July 2, 2012, in the U.S. District Court for the Eastern District of Pennsylvania, on behalf of purchasers of PolyMedix, Inc. (NASDAQ: PYMX) (“PolyMedix” or the “Company”) shares between March 7, 2011 and May 10, 2012 (the “Class Period”). The action is against the Company and certain of the Company’s executive officers for violations of the Securities and Exchange Act of 1934.
PolyMedix is a clinical stage biotechnology Company that develops drugs for the treatment of serious acute care conditions. Throughout the Class Period, the Company had two experimental compounds in clinical trials, PMX-30063 and PMX-60056. One of these prospective drugs, 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.
The complaint alleges that beginning on March 7, 2011, the Company, along with its Chief Executive Officer, Chief Financial Officer, and Vice President of Cardiovascular Clinical Development, issued a series of materially false and misleading statements to investors about PMX-60056’s commercial viability, safety, and market potential that caused shares of PolyMedix to trade at artificially high prices. Specifically, it is alleged that officials at PolyMedix failed disclose to investors that: (a) the Company’s experimental compounds caused hypotension more often and at lower doses than acknowledged; (b) varying doses of the compound would not eliminate its adverse side effects on a patient’s blood pressure; and (c) as a result, the development of the Company’s drug pipeline and the business prospects of PolyMedix were at significant risk.
On May 10, 2012, PolyMedix issued a press release disclosing to investors for the time that the Company was halting patient enrollment in clinical trials for PMX-60056 “due to observations of reductions in blood pressure.” When the true state of PMX-60056’s clinical development and adverse side effects became public, shares of PolyMedix’s common stock declined a staggering 29%, closing on May 11, 2012 at just $0.36 per share.
If you purchased or otherwise acquired PolyMedix stock during the Class Period and wish to serve as lead plaintiff, you must move the Court no later than August 31, 2012. To discuss this action or if have any questions concerning this notice or your rights or interests, please contact Gregory E. Del Gaizo, Esq. of Robbins Umeda LLP at 800-350-6003 or via the shareholder information form.
Robbins Umeda LLP represents individual and institutional shareholders in derivative, direct, and class action lawsuits. The law firm’s skilled litigation teams include former federal prosecutors, former defense counsel from top multinational corporate law firms, and career shareholder rights attorneys. Robbins Umeda LLP has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.