NEW YORK, Aug. 5, 2014 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the District of Massachusetts, on behalf of all persons who purchased or otherwise acquired the securities of InVivo Therapeutics Holdings Corp. ("InVivo" or the "Company") (OTC:NVIV) during the period between April 5, 2013 and August 26, 2013, inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
The Complaint alleges that Defendants made false and/or misleading statements and failed to disclose material adverse facts about the Company's business, operations and prospects. Specifically, the Complaint alleges that Defendants misrepresented and/or failed to disclose that the Company's clinical study for its biopolymer scaffolding to treat acute spinal cord injuries would not be completed with all data submitted to the FDA by the end of 2014, and the Company did not anticipate completing this clinical study until late 2015. As a result, the Complaint alleges that the Company's statements about its clinical study timeline for biopolymer scaffolding to treat acute spinal cord injuries were materially false and misleading and/or lacked a reasonable basis.
If you wish to serve as lead plaintiff, you must move the Court no later than October 6, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at firstname.lastname@example.org or email@example.com.
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Source:Gainey McKenna& Egleston