A lawsuit was filed on behalf of investors in PhotoMedex Inc (NASDAQ:PHMD) shares over alleged securities laws violations. Deadline: January 21, 2014. NASDAQ:PHMD investors should contact the Shareholders Foundation at firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 12/02/2013 -- An investor, who purchased shares of PhotoMedex Inc (NASDAQ:PHMD), filed a lawsuit in the U.S. District Court for the Eastern District of Pennsylvania over alleged violations of Federal Securities Laws by PhotoMedex Inc in connection with certain allegedly false and misleading statements made between November 7, 2012 and November 14, 2013.
Investors who purchased shares of PhotoMedex Inc (NASDAQ:PHMD) between November 7, 2012 and November 14, 2013, and / or those who purchased NASDAQ:PHMD shares in 2012 or earlier and currently hold any of those shares, have certain options and for certain investors are short and strict deadlines running. Deadline: January 21, 2014. NASDAQ:PHMD investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired PhotoMedex Inc (NASDAQ:PHMD) between November 7, 2012 and November 14, 2013, that PhotoMedex Inc violated the Securities Exchange Act of 1934.
More specifically, the plaintiff alleges that the defendants made false and/or misleading statements and/or failed to disclose thatthe effectiveness of PhotoMedex Inc’s key product, the no!no! device, rested on flimsy, weak studies, that a more credible study raised serious doubts as to the effectiveness of PhotoMedex Inc's key product, and in fact showed that no!no! works no better than shaving, that PhotoMedex Inc materially overstated the prospects for the no!no! device in the Japanese market, and that as a result of the above, PhotoMedex Inc's financial statements, assurances and expectations with regard to the its growth, operations and business prospects were false and misleading at all relevant times.
On November 7, 2012, PhotoMedex Inc reported financial results for the three and nine months ended September 30, 2012.
Shares of grew from $11.18 per share on November 9, 2012, to $14.74 per share on March 8, 2013.
Then on Mar 13, 2013, PhotoMedex Inc reported that its annual Total Revenue rose from $132.08 million in 2011 to $220.65 million in 2012 and that its Net Loss of $0.69 million in 2011 turned into a Net Income of $2.49 million in 2012.
Shares of PhotoMedex Inc (NASDAQ:PHMD) grew to as high as $16.93 per share in June 2013.
Then on Nov. 6, 2013 PhotoMedex Inc reported its financial results for the three and nine months ended September 30, 2013. PhotoMedex Inc announced that its third quarter Total Revenue declined from $56.68 million in 2012 to $45.89 million in 2013 and that its third quarter Net Income fell from $7.53 million to $0.89 million.
On November 14, 2013, an article was published concerning alleged issues the company was facing regarding its main product the “no!no!”.
Shares of PhotoMedex Inc declined to as low as $11.44 per share on November 21, 2013.
On November 29, 2013, NASDAQ:PHMD shares closed at $12.18 per share.
Those who purchased shares of PhotoMedex Inc have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego