NEW YORK, Feb. 02, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in United States District Court for the District of New Jersey on behalf of all persons or entities that purchased PixarBio Corporation ("PixarBio" or the "Company) (OTC:PXRB) securities: (1) pursuant and/or traceable to PixarBio's private placement that closed on October 30, 2016; and/or (2) publicly traded on the open market from October 31, 2016 through January 20, 2017, inclusive (the "Class Period").
Investors who have incurred losses in shares of PixarBio Corporation are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have purchased shares of PixarBio Corporation within the class period and would like to assist with the litigation process, you may, no later than March 27, 2017 , request that the Court appoint you lead plaintiff of the proposed class.
The filed Complaint alleges that throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that (1) the market for PixarBio's securities exhibited manipulative or deceptive activities; (2) PixarBio's assertions in press releases, third-party promotional materials, and PixarBio's Form S-1 concerning, among other things, PixarBio's business combinations and current shareholders; the identity and qualifications of key shareholders and employees and PixarBio's current and prospective development efforts lacked veracity; and (3) as a result, Defendants' public statements were materially false and misleading at all relevant times.
On January 3, 2017, PixarBio's Chief Executive Officer, Frank Reynolds, disclosed that the Company had plans to acquire InVivo Therapeutics Holdings Corp. ("InVivo"). In response, InVivo stated that it had never been involved in any negotiations regarding a deal and rejected the offer.
Then on January 23, 2017, citing concerns about possible "manipulative or deceptive activities," the U.S. Securities and Exchange Commission froze trading of PixarBio shares. According to the SEC, "the market for the security appears to reflect manipulative or deceptive activities." The last posted trade of PixarBio was $2.90 per share on January 20, 2017.
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 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 immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com , or visit our website at www.whafh.com.
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Contact: Wolf Haldenstein Adler Freeman & Herz LLP Patrick Donovan, Esq. Gregory Stone, Director of Case and Financial Analysis Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com Tel: (800) 575-0735 or (212) 545-4774
