According to the law firm press release, PhotoMedex is a skin health company providing integrated disease management and aesthetic solutions to dermatologists, professional aestheticians and consumers.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the effectiveness of the Company's key product, the no!no! device, rested on flimsy, weak studies; (ii) a more credible study raised serious doubts as to the effectiveness of the Company's key product, and in fact showed that no!no! works no better than shaving; (iii) the Company materially overstated the prospects for the no!no! device in the Japanese market; and (iv) as a result of the above, the Company's financial statements, assurances and expectations with regard to the Company's growth, operations and business prospects were false and misleading at all relevant times.
On February 12, 2014, the Court issued an Order appointing lead plaintiff and approving lead counsel. Lead plaintiff filed an amended complaint on April 14.
On September 12, 2014, the Court issued an Order denying Defendant's Motion to Dismiss.
On January 9, 2015, the parties entered into a Stipulation of Settlement.