Pain Therapeutics, Inc. PTIE Securities Stock Fraud

Company:	Pain Therapeutics, Inc.
Ticker Symbol:	PTIE
Class Period:	Feb-3-11 to Oct-17-11
Date Filed:	Dec-5-11
Lead Plaintiff Deadline:	Feb-3-12
Court:	Western District of Texas
Allegations:

New York, NY: A securities class action lawsuit has been commenced in the United States District Court, Western District of Texas on behalf of purchasers of Pain Therapeutics, Inc. ("PTIE" or the "Company") (NASDAQ: PTIE) securities between February 3, 2011 and October 17, 2011 (the "Class Period").

The lawsuit alleges that during the Class Period PTIE made false and/or misleading statements and/or failed to disclose material facts regarding the Company's new drug, REMOXY. Specifically, PTIE failed to disclose that due to deficiencies in the drug's chemistry, manufacturing, and control, REMOXY was not approvable by the U.S. Food and Drug Administration due to chemistry, manufacturing, and control deficiencies that caused inconsistent results during laboratory tests.

On June 24, 2011, the Company announced that it received a Complete Response Letter from the FDA on the New Drug Application for REMOXY. In reaction to this news, PTIE's shares declined $3.94 per share or nearly 43%, to close at $5.30 per share on June 24, 2011.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

Pain Therapeutics, Inc. PTIE Securities Fraud Legal Help

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Published on Dec-5-11