The Law Firm Of Levi & Korsinsky Notifies Investors With Losses On Their Investment In Pain Therapeutics, Inc. Of Class Action Lawsuit And The Deadline Of January 31, 2012 To Seek A Lead Plaintiff Position

Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court, Western District of Texas on behalf of purchasers of Pain Therapeutics, Inc. (“PTIE” or the “Company”) (NASDAQ: PTIE) securities between February 3, 2011 and October 17, 2011 (the “Class Period”).

For more information, click here: http://zlk.9nl.com/pain-therapeutics-ptie/.

The Complaint alleges that during the Class Period PTIE made false and/or misleading statements and/or failed to disclose material facts regarding the Company’s new drug, REMOXY. Specifically, PTIE failed to disclose that due to deficiencies in the drug’s chemistry, manufacturing, and control, REMOXY was not approvable by the U.S. Food and Drug Administration due to chemistry, manufacturing, and control deficiencies that caused inconsistent results during laboratory tests.

On June 24, 2011, the Company announced that it received a Complete Response Letter from the FDA on the New Drug Application for REMOXY. In reaction to this news, PTIE's shares declined $3.94 per share or nearly 43%, to close at $5.30 per share on June 24, 2011.

If you suffered a loss in PTIE stock you have until January 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 jlevi@zlk.com or by telephone at (877) 363-5972, or visit http://www.zlk.com/pain-therapeutics-ptie.html.

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. Attorney advertising. Prior results do not guarantee similar outcomes.

Copyright Business Wire 2010

If you liked this article you might like

Ultragenyx Makes Bid for Dimension Therapeutics - Biotech Movers

5 Big-Volume Stocks You Should Stay Away From -- Plus 2 to Buy

For Pain Therapeutics CEO, 3 FDA Rejections Are Worth $23 Million

Pfizer (PFE) Stock Falls After Dropping Pain Drug

Jim Cramer's 'Mad Money' Recap: Next Week's Game Plan