Faruqi & Faruqi, LLP Encourages Investors Who Suffered Substantial Losses Investing In PolyMedix, Inc. To Contact the Firm
Published on Friday, 13 July 2012 20:08 Written by TradersHuddle Staff
NEW YORK, July 13, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at PolyMedix, Inc. ("PolyMedix" or the "Company") (OTC BB: PYMX).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) the Company's experimental compounds caused hypotension more often and at lower doses than acknowledged; (2) varying doses of the compound would not eliminate its adverse side effects on a patient's blood pressure; and (3) as a result, the development of the Company's drug pipeline and business prospects were at significant risk.
On March 7, 2011, the Company, along with its Chief Executive Officer, Chief Financial Officer and Vice President of Cardiovascular Clinical Development, issued a series of materially false and misleading statements to investors concerning the commercial viability, safety and market potential of the Company's experimental drug, PMX-60056, which caused Company shares to trade at artificially inflated prices.
On May 10, 2012, PolyMedix issued a press release disclosing to investors that the Company was halting patient enrollment in clinical trials for PMX-60056 "due to observations of reductions in blood pressure." When the true state of PMX-60056's clinical development and adverse side effects became public, shares of PolyMedix's common stock declined a staggering 29%, closing on May 11, 2012 at $0.36 per share.
Request more information now by clicking here: www.faruqilaw.com/PYMX. There is no cost or obligation to you.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential matter.
FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Juan Monteverde, Esq.
Richard Gonnello, Esq.
Francis McConville, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
SOURCE Faruqi & Faruqi, LLP
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