Case Page

 

Case Status:    ONGOING    
On or around 07/24/2017 (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.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: PXRB
Company Market: OTC-BB
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: D. New Jersey
DOCKET #: 17-CV-00496
JUDGE: Hon. Claire C. Cecchi
DATE FILED: 01/25/2017
CLASS PERIOD START: 10/31/2016
CLASS PERIOD END: 01/20/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm (New Jersey)
    236 Tillou Road, The Rosen Law Firm (New Jersey), NJ 07079
    (973) 313-1887 (973) 833-0399 · lrosen@rosenlegal.com
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