NEW YORK, Nov. 26, 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 New Jersey, on behalf of all persons who purchased or otherwise acquired Nymox Pharmaceutical Corporation ("Nymox" or the "Company") (Nasdaq:NYMX) securities during the period between January 31, 2011 through November 2, 2014, 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 during the Class Period, the Company failed 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). Specifically, the Complaint alleges that Nymox misled investors by misrepresenting or concealing that: (1) the Phase 3 trial results were not tangible or objective; (2) the difficulty in obtaining objective and measured results, (3) the small likelihood of enrolling sufficient patients for the trial; and (4) the trial had an unreasonably small chance of success.
On November 2, 2014, the Company disclosed that its two Phase 3 studies of NX-1207 were halted because the drug failed to meets its primary endpoints for efficacy. On November 3, 2014, the Company held an investor conference call in which it admitted it was aware of certain problems concerning the Phase 3 trials. As a result of this adverse information, the Company's share price dropped over $4.00 per share or more than 80%, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than January 26, 2015. 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