NEW YORK, Jan. 24, 2017 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of PixarBio Corporation ("PixarBio" or the "Company") (OTMTK: PXRB). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.
The investigation concerns whether PixarBio and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On January 3, 2017, PixarBio's Chief Executive Officer, Frank Reynolds, announced a purported effort by PixarBio to acquire InVivo Therapeutics Holdings Corp. ("InVivo"). InVivo subsequently stated that it had never engaged in any discussions regarding a possible deal and dismissed the purported offer as "not credible."
On January 23, 2017, the U.S. Securities and Exchange Commission halted trading in the securities of PixarBio, citing concerns about possible "manipulative or deceptive activities" in the market for the Company's stock. The SEC stated, in part, that "the market for the security appears to reflect manipulative or deceptive activities and because of questions regarding the accuracy of assertions by PixarBio in press releases and its Form S-1 concerning, among other things: (1) the company's business combinations and current shareholders; (2) the identity and qualifications of key shareholders and employees; and (3) the company's current and prospective development efforts."
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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SOURCE Pomerantz LLP
