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WeissLaw LLP Announces A Lawsuit Against PolarityTE, Inc.

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WeissLaw LLP Announces A Lawsuit Against PolarityTE, Inc.

The Deadline to Serve as Lead Plaintiff is August 27, 2018

PR Newswire

NEW YORK, Aug. 14, 2018 /PRNewswire/ -- WeissLaw LLP, a national class action and shareholders' rights law firm with offices in New York, Georgia, and Los Angeles, announces that a class action lawsuit has been filed on behalf of all persons or entities who purchased shares of PolartiyTE, Inc. ("PolarityTE" or the "Company") (NASDAQ:COOL) securities between March 31, 2017 and June 25, 2018 (the "Class Period"), both dates inclusive. 

On June 25, 2018, Citron Research published a report alleging a "[h]istory of [f]raud" by the Company, and urging the SEC to "halt this stock immediately before insiders are allowed to enrich themselves even more as the company continues to deceive investors."  According to the report, PolarityTE has made and continues to make false representations in connection with a patent application that was acquired from the Company's Chief Scientific Officer and Chairman of the Board.  According to Citron Research, on that same day, the US Patent Trademark Office conveyed a letter of non-final rejection of the patent, which the Company failed to disclose to shareholders.  On June 4, 2018, a final rejection letter for the patent application was issued to the Company.  During the Class Period, PolarityTE sold about 7.6 million shares without disclosing any issues relating to the patent application. 

PolarityTE's stock has lost nearly a quarter of its value since June 25, with shares trading for as low as $17.17 per share on July 24. 

The complaint in the class action lawsuit alleges that PolarityTE, at all relevant times, made false and materially misleading statements and failed to disclose material information relating to the patent application.   

If you are a PolarityTE shareholder and wish to discuss this action, any questions concerning this notice, your rights or interests, please contact Joshua Rubin of WeissLaw LLP at 888.593.4771, or by e-mail at stockinfo@weisslawllp.com.  No class has yet been certified, if you wish to serve as lead plaintiff, you must move the Court not later than August 27, 2018.

WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties.  We have recovered over a billion dollars for defrauded clients.  For more information about the firm, please go to: http://www.weisslawllp.com/polarityte-inc-lp/

 

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SOURCE WeissLaw LLP

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