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Case Status:    SETTLED
On or around 09/01/2016 (Settlement preliminarily approval)

Filing Date: December 02, 2011

According to a press release dated December 2, 2011, the Complaint alleges that, during the Class Period, the Company made false and/or misleading statements and/or failed to disclose material facts about a new drug. Specifically, the Company failed to disclose that the new drug 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 the Company had received a Complete Response Letter from the FDA on the New Drug Application for the new drug. As a result of this revelation, shares 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 the new drug. As a result of this revelation, shares declined an additional $1.37 per share or nearly 26%, to close at $3.93 per share on June 27, 2011.

On April 6, 2012, the Court issued an Order appointing lead plaintiff and approving the selection of lead counsel.

On June 8, 2012, Plaintiffs filed an Amended Complaint.

On September 25, 2012, the Court issued an Order granting the defendants' motion to dismiss without prejudice. Plaintiffs were giving 20 days to file an amended complaint. On October 15, 2012, the Plaintiffs filed their amended complaint.

On November 19, 2012, the Court issued an Order denying the defendants' motion to dismiss.

On August 30, 2016, the parties entered into a Stipulation of Settlement. The Settlement was preliminarily approved by the Court on September 1.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PTIE
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: W.D. Texas
DOCKET #: 11-CV-01034
JUDGE: Hon.
DATE FILED: 12/02/2011
CLASS PERIOD START: 02/03/2011
CLASS PERIOD END: 06/23/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham, Watkins, Nichols, Sorrels, Agosto & Friend
    800 Commerce Street, Abraham, Watkins, Nichols, Sorrels, Agosto & Friend, TX 77002
    713-222-7211 713-225-0827 ·
  2. Bronstein, Gewirtz & Grossman, LLC (New York)
    60 East 42nd Street - Suite 4600, Bronstein, Gewirtz & Grossman, LLC (New York), NY 10165
    212.697.6484 212.697.7296 · info@bgandg.com
  3. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: W.D. Texas
DOCKET #: 11-CV-01034
JUDGE: Hon.
DATE FILED: 07/25/2015
CLASS PERIOD START: 12/27/2010
CLASS PERIOD END: 06/26/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham, Watkins, Nichols, Sorrels, Agosto & Friend
    800 Commerce Street, Abraham, Watkins, Nichols, Sorrels, Agosto & Friend, TX 77002
    713-222-7211 713-225-0827 ·
  2. Bronstein, Gewirtz & Grossman, LLC (New York)
    60 East 42nd Street - Suite 4600, Bronstein, Gewirtz & Grossman, LLC (New York), NY 10165
    212.697.6484 212.697.7296 · info@bgandg.com
  3. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date