Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against Nymox Pharmaceutical Corporation
Oklahoma City, OK (December 1, 2014) – On November 24, 2014, a securities class action lawsuit was filed in the United States District Court for the District of New Jersey against Nymox Pharmaceutical Corporation (NASDAQ: NYMX). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is January 31, 2011 through November 2, 2014. More specifically, this litigation was filed because the Defendants failed to disclose material information affecting the Phase 3 clinical trials for the Company’s proprietary drug NX-1207 for the treatment of benign prostatic hyperplasia (BPH). NX-1207 showed positive results for the treatment of BPH in Phase 1 and Phase 2 clinical trials in the U.S. The Company regularly provided positive updates on the Phase 3 clinical trials. However, on November 2, 2014 the Defendants disclosed that the two Phase 3 U.S. studies of NX-1207 was halted because the drug failed to meet its primary endpoints for efficacy. Defendants held a conference call on November 3, 2014 with analysts to explain the failure and on that call disclosed to the market for the first time, among other things, the difficulties they faced in enrolling men for the trials and the subjective nature of the measurement of the drug's success. On this news, the Company’s common stock declined to close on November 3, 2014 at $0.93 per share.
Plaintiff seeks to recover damages on behalf of all Nymox Pharmaceutical Corporation shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, January 26, 2015 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click here to obtain an investor certification. Once complete, please email this form to firstname.lastname@example.org, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.
Posted on Mon, December 1, 2014
by Robin Hester filed under