PixarBio Corporation Sued By Block & Leviton For Violations Of The Federal Securities Laws
Block & Leviton LLP (www.blockesq.com), a Boston-based securities litigation firm representing investors nationwide, announces that it has filed a class action lawsuit against PixarBio Corporation (“PixarBio” or the “Company”) (OTCMKTS: PXRB) and its CEO, Frank Reynolds, for violating the federal securities laws.
Investors who purchased PixarBio securities in either the Company’s private placement, or on the open market after October 31, 2016, are encouraged to contact attorney Bradley Vettraino at (617) 398-5600, by email at firstname.lastname@example.org, or by visiting www.blockesq.com/pixarbio.
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, brought on behalf of investors who purchased or otherwise acquired PixarBio securities between October 31, 2016 through January 20, 2017 (the “Class Period”), 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.
If you wish to serve as a lead plaintiff, you must move the Court no later than March 27, 2017. As a member of the class, you may seek to file a motion to serve as a lead plaintiff or take no action and remain an absent class member. If you wish to become involved in the litigation or have questions about your legal rights, please contact attorney Bradley Vettraino at (617) 398-5600, by email at email@example.com, or by visiting www.blockesq.com/pixarbio.
Confidentiality to whistleblowers or others with information relevant to the lawsuit is assured.
Block & Leviton LLP is a Boston-based law firm representing investors nationwide. The firm's lawyers have collectively been prosecuting securities cases on behalf of individual and institutional investors for over 50 years, and have recovered billions of dollars on their behalf. Block & Leviton's investigations into corporate wrongdoing were recently covered by the New York Times.
The case, filed January 30, 2017, is pending in the United States District Court for the District of Massachusetts, and is captioned Graham v. PixarBio Corporation, et al., Ca No. 1:17-cv-10157. The court is located at 1 Courthouse Way, Boston, MA 02210.
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