SOURCE: Levi & Korsinsky, LLP

Levi & Korsinsky, LLP

December 05, 2011 15:33 ET

The Law Firm of Levi & Korsinsky Notifies Investors With Losses on Their Investment in Pain Therapeutics, Inc. of Class Action Lawsuit and the Deadline of January 31, 2012 to Seek a Lead Plaintiff Position

NEW YORK, NY--(Marketwire - Dec 5, 2011) - Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court, Western District of Texas on behalf of purchasers of Pain Therapeutics, Inc. ("PTIE" or the "Company") (NASDAQ: PTIE) securities between February 3, 2011 and October 17, 2011 (the "Class Period").

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The Complaint alleges that during the Class Period PTIE made false and/or misleading statements and/or failed to disclose material facts regarding the Company's new drug, REMOXY. Specifically, PTIE failed to disclose that due to deficiencies in the drug's chemistry, manufacturing, and control, REMOXY was not approvable by the U.S. Food and Drug Administration due to chemistry, manufacturing, and control deficiencies that caused inconsistent results during laboratory tests.

On June 24, 2011, the Company announced that it received a Complete Response Letter from the FDA on the New Drug Application for REMOXY. In reaction to this news, PTIE's shares declined $3.94 per share or nearly 43%, to close at $5.30 per share on June 24, 2011.

If you suffered a loss in PTIE stock you have until January 31, 2012 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at or by telephone at (877) 363-5972, or visit

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information

    Levi & Korsinsky, LLP
    Joseph Levi, Esq.
    Eduard Korsinsky, Esq.
    30 Broad Street - 15th Floor
    New York, NY 10004
    Tel: (212) 363-7500
    Toll Free: (877) 363-5972
    Fax: (212) 363-7171