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Harwood Feffer LLP (
www.hfesq.com) is investigating potential claims against the board of directors of Pain Therapeutics, Inc. (“Pain Therapeutics” or the “Company”) (NASDAQ: PTIE), concerning the Company’s failure to comply with U.S. Food and Drug Administration (“FDA”) regulations in the manufacture and testing of a new drug.
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. In response, Company stock 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 response, the Company stock declined an additional $1.37 per share or nearly 26%, to close at $3.93 per share on June 27, 2011.
The Company may have improperly failed to disclose that REMOXY was not approvable by the FDA due to chemistry, manufacturing, and control deficiencies that caused unreliable results during laboratory tests.
Our investigation concerns whether the board of directors has breached its fiduciary duties, mismanaged the Company and/or wasted corporate assets at the expense of Pain Therapeutics shareholders.
If you own Pain Therapeutics shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact: