SHAREHOLDER ALERT: Law Firm Pomerantz Reminds Shareholders Who Have Suffered Losses On Their Investment In PolarityTE, Inc. Of Class Action And Upcoming Deadline
New York, New York – (Newsfile Corp. – October 9, 2021) – Pomerantz LLP announces that a class action lawsuit has been filed against PolarityTE, Inc. (“PolarityTE” or the “Company”) (NASDAQ: PTE) and certain of its officers. The class action lawsuit, filed in the United States District Court for the District of Utah, and registered as 21-cv-00561, is in the name of a group consisting of all persons and entities other than the defendants who purchased or otherwise acquired PolarityTE securities between April 30, 2020 and August 23, 2021, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants in violation of federal securities laws and to exercise remedies under Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its senior officials.
If you are a shareholder who purchased PolarityTE securities during the Class Period, you have until November 23, 2021 to request the court to appoint you as the primary claimant for the Class Action. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, Ext. 7980. Those inquiring by e-mail are encouraged to provide their mailing address, telephone number and the number of shares purchased.
PolarityTE, a biotechnology company, develops and markets a line of regenerative tissue products and biomaterials for the fields of medicine, biomedical engineering, and materials science in the United States. The Company operates through two segments, Regenerative Medicine Products and Contract Services. It offers SkinTE, a tissue product used to repair, reconstruct, replace and supplement the skin of patients for the treatment of acute or chronic wounds, burns, surgical reconstruction events, scar revision or the removal of skin grafts. dysfunctional, as well as contractual research. services.
On April 30, 2020, PolarityTE issued a press release announcing that the Company has decided to pursue a project to submit a New Drug Investigation Application (“IND”) and subsequently a biologic license application. to the Food and Drug Administration (“FDA” of the United States). ) for SkinTE.
On July 23, 2021, PolarityTE submitted an IND to the FDA seeking approval to begin a clinical trial to evaluate SkinTE for the proposed indication for the treatment of chronic skin ulcers (the “SkinTE IND”).
The complaint alleges that, throughout the Class Period, the Defendants made materially false and misleading representations regarding the Company’s business, operational and compliance policies. Specifically, the defendants made false and / or misleading statements and / or failed to disclose that: (i) the IND SkinTE was deficient in certain elements of chemistry, manufacturing and control; (ii) therefore, it was unlikely that the FDA would approve SkinTE IND in its current form; (iii) as a result, the Company significantly overestimated the likelihood that SkinTE IND would obtain FDA approval; and (iv) accordingly, the Company’s public statements were materially false and misleading at all material times.
On August 24, 2021, PolarityTE issued a press release “provid[ing] an update regarding correspondence from the United States Food and Drug Administration (FDA) regarding its New Drug Investigation (IND) application for SkinTE® with a proposed indication for chronic skin ulcers, which was filed on July 23, 2021. The FDA has indicated that there are certain chemistry, manufacturing and control elements that need to be addressed before proceeding with a pivotal study. Consequently, the study proposed in the IND has been put on clinical hold. In accordance with standard practice and regulation, the FDA has announced that it will issue a clinical suspension letter providing details on the basis of the suspension to the Company by September 21, 2021. “
On this news, the PolarityTE stock price fell $ 0.08 per share, or 9.52%, to close at $ 0.76 per share on August 24, 2021.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the leading firms in the areas of corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, known as the Dean of the Class Actions Bar, Pomerantz was a pioneer in the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he established, fighting for the rights of victims of securities fraud, breach of fiduciary duty and professional misconduct. The firm has recovered numerous multi-million dollar damages on behalf of the members of the group. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext 7980
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/99154