Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether Uni-Pixel, Inc. (“Uni-Pixel”, “UniPixel” or the “Company”) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
A class action lawsuit was filed in the U.S. District Court for the Southern District of New York by another law firm on behalf of purchasers of the common stock of Uni-Pixel, Inc. (NASDAQ: UNXL) between December 7, 2012 and May 31, 2013, inclusive (the “Class Period”).
The complaint alleges that Uni-Pixel and certain of its officers and directors (“Defendants”) misrepresented and/or failed to disclose that: (1) the terms of a purported December 2012 licensing agreement with a "Major PC Maker", a purported April 2013 licensing agreement with a "Major Ecosystem Partner", and a purported April 2013 manufacture and supply agreement with Kodak were either immaterial or legally unenforceable; (2) there were significant design defects in the UniBoss technology; and (3) as a result, Defendants knew the Company's projected sales and earnings were unattainable.
The Class Period starts on December 7, 2012. Before the opening of trading that day, Uni-Pixel issued a press release entitled "UniPixel and Major PC Maker Enter Multi-Million Dollar Preferred Price and Capacity License Agreement to Introduce Products With UniBoss-Based Touch Screens." The press release stated, in pertinent part, that Uni-Pixel had "joined forces with a manufacturer of personal computers to develop and introduce products that feature next-generation touch screens based on UniPixel's UniBoss pro-cap, multi-touch sensor film"; that "UniPixel ha[d] granted the PC maker a limited exclusive license in the notebook market segment for UniBoss Performance Engineered Film technology that provide[d] the licensee priority development, dedicated production capacity and preferred pricing"; and that "[t]he license [could] be extended to the PC maker's supply chain, including third-party manufacturing partners, touch panel module manufactures, controller manufactures, LCD makers and original design manufacturers." The Company also said that the specific "terms of the agreement and name of the PC maker [would remain] confidential," but through its CEO and President, Uni-Pixel affirmatively stated in the press release that the "preferred price and capacity license agreement further[ed] UniPixel's stated go-to-market strategy."