PLSE CLASS ACTION NOTICE: Glancy Prongay & Murray LLP Files Securities Fraud Lawsuit Against Pulse Biosciences, Inc.
LOS ANGELES, CA (ClassActionDaily) Glancy Prongay & Murray LLP (“GPM”), announces that it has filed a class-action lawsuit in the United States District Court for the Northern District of California captioned Ngosiok v. Pulse Biosciences, Inc., et al., Case No. 22-cv-959, on behalf of persons and entities that purchased or otherwise acquired Pulse Biosciences, Inc. (“Pulse” or the “Company”) (NASDAQ: PLSE) securities between January 12, 2021, and February 7, 2022, inclusive (the “Class Period”). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”).
Investors are hereby notified that they have 60 days from this notice to move the Court to serve as lead plaintiff in this action.
In October 2020, Pulse initiated its investigational device exemption (“IDE”) study to evaluate the treatment of sebaceous hyperplasia lesions using the CellFX System.
On February 8, 2022, before the market opened, Pulse announced that the U.S. Food and Drug Administration (“FDA”) concluded there was insufficient clinical evidence to support the Company’s 510(k) submission to expand the label for the CellFX System to treat sebaceous hyperplasia. Among other things, the FDA found “that the Company had not met the primary endpoints of the sebaceous hyperplasia FDA-approved IDE study.”
On this news, the Company’s share price fell $3.74, or over 34%, to close at $7.12 per share on February 8, 2022, on unusually heavy trading volume.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the IDE study evaluating the use of the CellFX System to treat sebaceous hyperplasia lesions failed to meet its primary endpoints; (2) that, as a result, there was a substantial risk that the FDA would reject Pulse’s 510(k) submission seeking to expand the label for the CellFX System to treat sebaceous hyperplasia lesions; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you purchased or otherwise acquired Pulse securities during the Class Period, you may move the Court no later than 60 days from this notice to ask the Court to appoint you as lead plaintiff. To be a member of the Class, you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email, please include your mailing address, telephone number, and the number of shares purchased.
If you suffered a loss on your Pulse investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/pulse-biosciences-inc-1/. You can also contact Charles H. Linehan of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at email@example.com or visit our website at www.glancylaw.com to learn more about your rights.
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