Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Pain Therapeutics, Inc. (“Pain Therapeutics” or the “Company”) (Nasdaq: PTIE).
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The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that Pain Therapeutics’ new drug REMOXY was not approvable by the U.S. Food and Drug Administration (“FDA”) due to chemistry, manufacturing, and control deficiencies that caused unreliable results during laboratory tests.
On June 24, 2011, Pain Therapeutics announced that the Company had received a Complete Response Letter from the FDA denying the Company’s New Drug Application (“NDA”) for REMOXY. As a result of this shocking revelation, Company 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. In the aftermath of this disclosure, the Company’s shares declined an additional $1.37 per share or nearly 26%, to close at $3.93 per share on June 27, 2011.
If you purchased Pain Therapeutics securities between February 3, 2011 and June 23, 2011 and would like to discuss your legal rights, visit
. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to
. Faruqi & Faruqi, LLP also encourages anyone with information regarding Pain Therapeutics’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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