On or around 07/23/2018 (Ongoing date of last review)
Filing Date: January 25, 2017
According to the law firm press release, on January 3, 2017, PixarBio's CEO announced a purported attempt by the Company to acquire InVivo Therapeutics Holdings Corp. ("InVivo") in a $100 million takeover bid. InVivo refuted PixarBio's purported offer as "not credible." On January 23, 2017, the SEC announced that it had halted trading in the securities of PixarBio, citing concerns about possible "manipulative or deceptive activities" in the market for the Company's stock. PixarBio stock has fallen nearly 37% since January 3, causing tens of millions in losses to investors.
The case alleges that Defendants failed to disclose and/or made false and/or misleading statements regarding: 1) the company's business combinations and current shareholders; (2) the identity and qualifications of key shareholders and employees; and (3) the company's current and prospective development efforts, and (4) that, as a result, the Company's business, operations, and prospects, were false and misleading.
On January 2, 2018, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on March 2. Lead Plaintiffs filed a second amended Complaint on July 23.
Company & Securities Information
Defendant: PixarBio Corporation
Industry: Biotechnology & Drugs
Headquarters: United States
Ticker Symbol: PXRB
Company Market: OTC-BB
Market Status: Public (Listed)
About the Company & Securities Data
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First Identified Complaint
Mark Allen, et al. v. PixarBio Corporation, et al.