June 27, 2012
/PRNewswire/ -- Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, consumer rights and the enforcement of federal antitrust laws, is investigating potential wrongdoing at Pain Therapeutics Inc. ("PTIE" or the "Company") (Nasdaq: PTIE). The investigation focuses on whether certain executive officers and directors of PTIE breached their fiduciary duties by releasing false and misleading statements regarding its lead drug, REMOXY, and the likelihood that REMOXY would be approved by the Food and Drug Administration ("FDA"). REMOXY is marketed as a strong painkiller with a unique formulation designed to reduce potential risks of unintended use.
Specifically, the investigation concerns possible breaches of fiduciary duties by the Company's executive officers and directors for failing to disclose that REMOXY was not approvable by the FDA due to chemistry, manufacturing and control deficiencies that caused inconsistent results during laboratory tests of REMOXY. On
June 24, 2011
, the Company announced that a Complete Response Letter was received from the FDA rejecting the Company's New Drug Application ("NDA") for REMOXY. To date, a new NDA for REMOXY has not been submitted to the FDA nor has the Company meaningfully updated investors regarding any plan to do so.
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Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action and derivative litigation. The firm is focused on providing exemplary legal services in the areas of securities, shareholder, antitrust and consumer litigation, through all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients.
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