NEW YORK, Nov. 26, 2013 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Pennsylvania on behalf of investors who purchased PhotoMedex, Inc. ("PhotoMedex" or the "Company") (Nasdaq:PHMD) stock between November 7, 2012 and November 14, 2013.
For more information, click here: http://zlk.9nl.com/photomedex-phmd/.
The complaint alleges that throughout the Class Period defendants made false and misleading statements and/or failed to disclose the following: a) the effectiveness of the Company's key product, the hair removal device no!no!, rested on weak efficacy studies; b) a more credible study cast doubts on the effectiveness of the product, and illustrated that the no!no! device works no better than shaving; and c) the Company overstated the prospects for the device in the Japanese market.
On November 6, 2013, the Company disclosed that there were no consumer sales to the Company's distributor in Japan in the third quarter of 2013. Then on November 14, 2013, a report issued on TheStreetSweeper raised concerns about the effectiveness and sales of the no!no! device.
If you suffered a loss in PhotoMedex you have until January 21, 2014 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/photomedex-phmd/.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm's 26 attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.comSource:Levi & Korsinsky, LLP