PHILADELPHIA, Nov. 25, 2014 (GLOBE NEWSWIRE) -- Law Offices Bernard M. Gross, P.C. filed a class action lawsuit in the United States District Court, District of New Jersey, 14-cv-07331, on behalf of purchasers of NYMOX common stock between January 31, 2011 and November 2, 2014. This matter is pending before the Honorable Jose L. Linares.
The lawsuit filed against the Company and Paul Averback, the president, director and chairman of the Company, alleges violations of the federal securities laws based on their failure to disclose material information affecting the Phase 3 clinical trials for NYMOX's proprietary drug NX-1207 for the treatment of benign prostatic hyperplasia (BPH). NYMOX is engaged in the research and development of therapeutics and diagnostics, with an emphasis on the products for the unmet needs of the aging population. 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, in a surprise to the market, and contrary to the positive statement concerning the NX02-0017 and NX02-0018 trials, defendants disclosed on November 2, 2014 that the Company's two Phase 3 U.S. studies of NX-1207 had to be halted because the drug failed to meets its primary endpoints for efficacy. On November 3, 2014, defendants held a conference call with analysts to explain the failure and on that conference 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. The market's reaction was immediate and dramatic as the price of NYMOX common stock fell 82% to close at $.93 on unprecedented trading volume of 19.6 million shares. The Company's U.S. BPH program is currently on hold, pending further evaluation of data.
If you wish to serve as Lead Plaintiff for the Class, you must file a motion with the Court no later than January 26, 2015. Any member of the proposed Class may move the Court to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class. To discuss this action or ask questions concerning this notice or your rights, please contact plaintiff's counsel, toll-free 866-561-3600 or via email at firstname.lastname@example.org or email@example.com. The firm has expertise in prosecuting class actions alleging violations of the federal securities laws.
To discuss this action or have any questions concerning this Notice with respect to these matters, PLEASE CONTACT:
|Law Offices Bernard M. Gross, P.C.|
|Susan R. Gross, Esq.|
|Deborah R. Gross, Esq.|
|Telephone: 866-561-3600 (toll free) or 215-561-3600|
Source:Law Offices Bernard M. Gross, P.C.