Kirby McInerney LLP announced today that a class action lawsuit is
pending in the United States District Court for the District of
Massachusetts on behalf of investors who acquired InVivo Therapeutics
Holdings Corp. (“InVivo” or the “Company”) (OTC:NVIV) securities during
the period from April 5, 2013 through August 26, 2013 (the “class
period”). Pursuant to applicable law, investors have until October 6,
2014 to file a motion to be appointed as lead plaintiff in the investor
lawsuit.
The lawsuit charges that the Company misrepresented the amount of time
it would take to submit testing data for its biopolymer scaffold
product, a medical product used to improve function in individuals
paralyzed from traumatic spinal cord injuries, to the Food and Drug
Administration (“FDA”). Specifically, the suit alleges that in April and
May of 2013, the Company stated that it would be able to report results
of its first-in-man clinical study of the product to the FDA by the end
of 2014 despite that the conditions set forth by the FDA, and unknown to
investors, would make meeting this deadline impossible.
On August 27, 2013, the Company announced that it would need at least 24
months from the date of the first enrolled patient to complete the
trial. On this news, the price of InVivo’s common stock declined from
$3.45 on August 26, 2013 to $2.07 on August 27, 2013, for a loss of
value of 40%. The price of the stock continued to decline on August 28,
2013, closing at $1.71, and additional decline of 17%.
If you acquired InVivo securities during this period and you are
interested in learning more about this matter and any rights you might
have with respect to these claims, contact Melissa Fortunato at mfortunato@kmllp.com,
by telephone at (212) 371-6600, or by filling
out this form. Please bear in mind that some of these rights may be
time-sensitive.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm
concentrating in securities, whistleblower, antitrust and consumer
litigation. The firm has specialized in complex litigation, including
securities class actions, for several decades. Kirby McInerney LLP has
repeatedly demonstrated its expertise in this field, and has been
recognized by various courts that have appointed the firm to major
positions in consolidated and multi-district litigation. The firm’s
efforts on behalf of shareholders in securities litigation have resulted
in recoveries totaling billions of dollars, and the firm’s achievements
and quality of service have been chronicled in numerous published
decisions. Additional information about the firm or the claims against
InVivo can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
Copyright Business Wire 2014