Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Pennsylvania on behalf of investors who purchased PolyMedix, Inc. (OTC BB: PYMX) securities between March 7, 2011 and May 10, 2012.
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The complaint alleges that beginning on March 7, 2011, the Company, along with its Chief Executive Officer, Chief Financial Officer, and Vice President of Cardiovascular Clinical Development, issued a series of materially false and misleading statements to investors regarding the viability, safety, and market potential of its experimental drug PMX-60056. Specifically, it is alleged that defendants failed to disclose to investors that: (a) the Company's experimental compounds caused hypotension more often and at lower doses than acknowledged; (b) varying doses of the compound would not eliminate its adverse side effects on a patient’s blood pressure; and (c) as a result, the development of the Company’s drug pipeline and the business prospects of PolyMedix were at significant risk.
On May 10, 2012, PolyMedix issued a press release disclosing that the Company was halting patient enrollment in clinical trials for the drug, citing “observations of reductions in blood pressure.” Upon this news, shares of PolyMedix common stock plummeted 29%, to close at $0.36 per share.If you suffered a loss in PolyMedix you have until August 31, 2012 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (877) 363-5972, or visit http://zlk.9nl.com/polymedix-pymx. Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.