Headline of release should read: Bronstein, Gewirtz & Grossman, LLC Investigates Pain Therapeutics, Inc. (sted Bronstein, Gewirtz & Grossman, LLC Investigates Miller Energy Resources, Inc.).
The corrected release reads:
BRONSTEIN, GEWIRTZ & GROSSMAN, LLC INVESTIGATES PAIN THERAPEUTICS, INC.
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of Pain Therapeutics, Inc. (“Pain Therapeutics” or the “Company”) (NasdaqGS: PTIE), concerning whether the company and certain of its officers and directors have violated federal securities laws.
On June 27, 2011 shares of Pain Therapeutics fell 26 percent after the company said manufacturing issues for a painkiller developed with Pfizer Inc. may delay regulatory approval by a year or “significantly longer.” Pain Therapeutics dropped $1.37 to $3.93 at 4 p.m.
time. The shares tumbled 43 percent on June 24 after the Austin, Texas-based developer disclosed the delay of the painkiller, called Remoxy.
Food and Drug Administration
postponed clearance of the medicine, designed to curb drug abuse, after finding inconsistent results during laboratory tests of batches of the medicine, Pain Therapeutics said in a statement. The inconsistencies may be the result of a manufacturing deficiency or a flaw in the testing method, the company said. “Sufficient information does not yet exist to accurately assess the time required to resolve the concerns raised” by the FDA, Pain Therapeutics said. “Potential regulatory approval of Remoxy in the U.S. is unlikely to occur in less than one year, and could be delayed significantly longer.”
If you are aware of any facts relating to this investigation, or purchased shares of Pain Therapeutics, you can assist this investigation by contacting either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email
. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate work, private securities offerings, and securities arbitration.