|[December 06, 2013]
Wites & Kapetan Announces That Class Action Lawsuits Have Been Filed against PhotoMedex, Inc.
OAKLAND, Calif. --(Business Wire)--
On November 6, 2013, PhotoMedex (News - Alert), Inc. ("PhotoMedex" or the "Company")
(Nasdaq: PHMD) issued a press
release reporting PhotoMedex's third quarter 2013 financial and
operating results and confirmed allegations that the Company had
overstated its prospects for the Company's key product, the no!no!
device, in the Japanese market. Specifically, PhotoMedex stated that
there were "no consumer sales to the Company's distributor in Japan."
Following this news, PhotoMedex shares fell $1.13 per share, or 8.84%,
from a close of $12.78 per share on November 5, 2013 to a close of
$11.65 per share on November 6, 2013.
A complaint has been filed in the United States District Court for the
Eastern District of Pennsylvania on behalf of all persons who purchased
or otherwise acquired shares of PhotoMedex common stock between November
7, 2012 and ovember 14, 2013 (the "Class Period"). The action has been
brought against PhotoMedex and certain Company officers alleging that
throughout the Class Period, defendants made false and misleading
statements and/or failed to disclose that (i) the effectiveness of the
Company's key product, the no!no! device, rested on flimsy, weak
studies; (ii) a more credible study raised serious doubts as to the
touted effectiveness of the Company's key product, and in fact showed
that no!no! works no better than shaving; (iii) the Company materially
overstated the prospects for the no!no! device in the Japanese market;
and (iv) as a result, the Company's financial statements, assurances and
expectations with regard to the Company's growth, operations and
business prospects were false and misleading at all relevant times.
If you are an investor who purchased PhotoMedex stock you may have a
legal claim against the Company and could serve as the lead plaintiff in
a class action lawsuit. The deadline to move for appointment as a
lead plaintiff is January 27, 2014. If you are interested in being
the lead plaintiff, or would like to speak with an attorney about your
legal rights, contact the attorneys at Wites & Kapetan, P.A. by email at firstname.lastname@example.org
or toll-free at 1 (866) 277-8631.
& Kapetan, P.A. is a law firm with offices in Oakland,
California and Lighthouse Point, Florida, with expertise in the
representation of investors in securities fraud and investor litigation
claims. You may visit its website at http://www.wklawyers.com.
Michele Desoer, an attorney at Wites & Kapetan, is a member of the State
Bar of California and is responsible for the content of this
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