BOSTON, June 25, 2018 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, is investigating whether PolarityTe, Inc. ("PolarityTe" or the "Company") (NASDAQ: COOL) and certain of its officers and directors violated federal securities laws.
On June 25, 2018, Citron Research issued a report alleging that PolarityTe received a notice of non-final rejection of Patent #14/954,335 on April 7, 2017. The report further alleges that the Company has failed to disclose receipt of this letter in its SEC disclosures. The patent was acquired by Majesco Entertainment on April 7, 2017.
Moreover, on May 29, 2018, the Company filed an S-8 registration, which would allow management and promoters to sell hundreds of millions of dollars in stock. On June 4, 2018, the USPTO gave a final rejection for the patent.
On this news, COOL stock has plunged over 27%.
If you purchased or otherwise acquired COOL securities and have questions about your legal rights, or possess information relevant to this investigation, you are encouraged to contact attorney John DeFelice at (888) 868-2385, by email at john@blockesq.com or by visiting http://shareholder.law/cool.
Block & Leviton LLP was recently ranked 4th among securities litigation firms by ISS for recoveries in 2017. The firm represents many of the nations' largest institutional investors and numerous individual investors in securities litigation throughout the country. Indeed, its lawyers have recovered billions of dollars for its clients.
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BLOCK & LEVITON LLP
John DeFelice
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john@blockesq.com
SOURCE Block & Leviton LLP