A law office recently announced that it filed a securities class action lawsuit against a spinal cord injury treatment company due to potential violations of federal securities laws.
Law firm Shapiro Haber and Urmy, LLP, noted that the litigation was filed in the U.S. District Court for the District of Massachusetts against InVivo Therapeutics Holdings Corp. This included all shareholders who acquired interests in the company during the class period between April 5, 2013 and Aug. 26, 2013. The litigation entered the court on July 31,2014.
Allegations in the case center around InVivo Therapeutics Holdings' leaders and board of directors, due to potential violations of the Securities Exchange Act, specifically Sections 10(b) and 20(a). This occurred due to the company making a number of statements that may have been false or misleading about the Food and Drug Administration's approval of a clinical trial. The lack of clarity or omission of information in the statements had the potential to mislead investors.
It is an option for shareholders to speak to the law office about joining the lawsuit, as well as becoming registered class members. Those who are interested in this should discuss these matters with Thomas Shapiro, who can be reached by telephone or email. Further details can be obtained by visiting the law office's website.
Second lawsuit filed
Another law firm noted that it filed a similar class action lawsuit against InVivo Therapeutics Holdings due to many of the aforementioned reasons.
The Law Offices of Howard G. Smith explained that it entered the litigation in the same court for the aforementioned class period.
It is possible for shareholders to take up the lead plaintiff position in the case. In order to do this, it is necessary to enter the application with the court by Oct. 6, 2014. All applicants will need to be determined as adequate class representatives in order to be approved. This is not a mandatory action, and shareholders can remain absent class members and still collect in the event of a financial payout.
For any stockholders who have questions about the lead plaintiff position, the lawsuit itself and how they may be affected by the process, speaking with the law office is possible. The best person to speak with is Howard Smith, and he can be reached by telephone or email, while further information is available on the firm's website.