PolyMedix Inc (OTC: PYMX) Investor Securities Class Action Lawsuit 07/02/2012

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Company Name(s): 
PolyMedix
Case Name: 
PolyMedix Shareholder Class Action Lawsuit 07/02/2012
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
OTC: PYMX
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
07/02/2012
Class Period Begin: 
03/07/2011
Class Period End: 
05/10/2012
Court of Filing: 
U.S. District Court for the Eastern District of Pennsylvania
Deadline To File for Lead: 
08/31/2012
Date Settled: 
01/13/2015
Settlement Amount: 
$1,150,000
Deadline to Participate in Settlement: 
04/13/2015
Settlement Notice: 
Settlement Proof: 
Summary: 

April 30, 2015 - The court approved the settlement and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

January 13, 2015 - The court preliminarily approved the settlement.

January 9, 2015 - Parties filed stipulation of settlement.

November 12, 2014 - The lead plaintiff filed a notice of voluntary dismissal.

September 19, 2013 - The court granted the plaintiff's motion to lift stay as unopposed and the stay imposed by the court was lifted against individual non-debtor defendants.

August 6, 2013 - The lead plaintiff filed a motion to lift stay against non-debtor defendants.

April 2, 2013 - The court placed the case in suspense pending further order of the court.

April 1, 2013 - PolyMedix Inc filed for Chapter 7 bankruptcy protection.

March 26, 2013 - Defendants filed a motion to dismiss.

January 28, 2013 - The lead plaintiff filed an amended consolidated complaint.

September 19, 2012 - Lead plaintiff and lead counsel were appointed.

August 31, 2012 - Lead plaintiff motions were filed.

July 2, 2012 - An investor in shares of PolyMedix Inc (NASDAQ: PYMX now trading on the OTC sheets as PYMXQ) filed a lawsuit in the U.S. District Court for the Eastern District of Pennsylvania against PolyMedix Inc over alleged violations of Federal Securities Laws in connection with certain financial statements.

According to the complaint the plaintiff alleges on behalf of purchasers of PolyMedix Inc (NASDAQ: PYMX) shares on the NASDAQ between March 7, 2011 and May 10, 2012, that PolyMedix Inc and certain of its executive officers violated the Securities and Exchange Act of 1934.

Between March 7, 2011 and May 10, 2012, PolyMedix Inc had two experimental compounds in clinical trials, PMX-30063 and PMX-60056, and one of these prospective drugs, PMX-60056, was a cardiovascular compound that was intended to reverse the activity of common blood clotting agents in order to avoid the risk of stroke.

PolyMedix Inc (NASDAQ: PYMX) reported that its annual Revenue rose from $1.07 million in 2008 to $2.46 million in 2011. However, its Net Loss rose from $10.99 million to $19.93 million.

The plaintiff alleges that beginning on March 7, 2011, PolyMedix Inc, along with its Chief Executive Officer, Chief Financial Officer, and Vice President of Cardiovascular Clinical Development, issued a series of allegedly materially false and misleading statements to investors about PMX-60056's commercial viability, safety, and market potential that caused shares of PolyMedix Inc to trade at artificially high prices.

Shares of PolyMedix Inc (NASDAQ: PYMX) rose from $0.57 per share on December 2, 2011 to $1.36 per share on February 17, 2012.

Then on May 10, 2012, PolyMedix Inc issued a press release disclosing to investors that PolyMedix Inc was halting patient enrollment in clinical trials for PMX-60056 "due to observations of reductions in blood pressure."

PolyMedix Inc (NASDAQ: PYMX) shares dropped from over $1.30 to $0.31 per share on May 18, 2012.

On July 2, 2012, PolyMedix Inc (OTC: PYMX) shares closed at $0.30 per share.