NEW YORK, Aug. 7, 2014 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP, announces that a class action lawsuit has been commenced in the United States District Court for the District of Massachusetts on behalf of purchasers of InVivo Therapeutics Holdings Co. ("InVivo" or the "Company") (OTC:NVIV) securities between April 5, 2013 through August 26, 2013, inclusive (the "Class Period").
The complaint alleges that during the Class Period, the Company misrepresented the amount of time it would take to submit testing data for its biopolymer scaffold product to the Food and Drug Administration ("FDA"). Specifically, the complaint alleges that in April and May of 2013, the Company stated that it would be able to report the results of its first-in-man clinical study of the product to the FDA by the end of 2014, however, the conditions set forth by the FDA would make meeting this deadline impossible.
On August 27, 2013, the Company announced that it would need at least 24 months from the date of the first enrolled patient to complete the trial. On this news, the price of InVivo's common stock declined from $3.45 on August 26, 2013 to $2.07 on August 27, 2013, for a loss of value of 40%. The price of the stock continued to decline on August 28, 2013, closing at $1.71, and additional decline of 17%.
If you purchased InVivo common stock during the Class Period, you may move to be appointed as lead plaintiff by October 6, 2014. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Wolf Haldenstein, or other counsel of your choice, to serve as your counsel in this action.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has over 70 attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com , or visit our website at www.whafh.com . All e-mail correspondence should make reference to the "InVivo litigation."
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Wolf Haldenstein Adler Freeman & Herz LLP Patrick Donovan, Esq. or Gregory Stone Email: , or Tel: (800) 575-0735 or (212) 545-5708
