PolarityTE, Inc. (Nasdaq: PTE), a company focused on transforming the lives of patients by discovering, designing, and developing a range of regenerative tissue products and biomaterials, today announced the dismissal with prejudice of a consolidated class action lawsuit filed in the United States District Court for the District of Utah under the caption In re PolarityTE, Inc. Securities Litigation, Case No. 2:18-cv-00510. The Court’s order was based on the Company’s motion to dismiss filed on June 3, 2019.
Two lawsuits were brought against the Company and certain of its current and former officers and directors on June 26, 2018 and July 6, 2018 by shareholders purporting to represent a class consisting of purchasers of the Company's common stock. The lawsuits were consolidated and an amended complaint was filed on April 2, 2019. On November 22, 2020, the Court granted the defendants’ motion to dismiss the consolidated Complaint with prejudice. By dismissing the lawsuit with prejudice, the Court has made a final determination in this matter. The plaintiff has a right to appeal the Court’s decision.
David Seaburg, Chief Executive Officer, commented, "We are pleased with the dismissal of this meritless action. We view the dismissal with prejudice as a strong repudiation of the baseless criticisms that were levied regarding our Company, its technology, and its intellectual property portfolio. We will continue to advance our patient-centric mission and to execute on the fundamentals of our business as we move forward."
PolarityTE is focused on transforming the lives of patients by discovering, designing, and developing a range of regenerative tissue products and biomaterials for the fields of medicine, biomedical engineering and material sciences. Rather than manufacturing with synthetic and foreign materials within artificially engineered environments, PolarityTE manufactures products from the patient's own tissue and uses the patient's own body to support the regenerative process. From a small piece of healthy autologous tissue, the company creates an easily deployable, dynamic, and self-propagating product designed to regenerate the target tissues. PolarityTE's innovative methods are intended to promote and accelerate growth of the patient's tissues to undergo a form of effective regenerative healing. Learn more at www.PolarityTE.com – Welcome to the Shift®.
Certain statements contained in this release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. They are generally identified by words such as "believes," "may," "expects," "anticipates," "intend," "plan," "will," "would," "should" and similar expressions. Readers should not place undue reliance on such forward-looking statements, which are based upon the Company's beliefs and assumptions as of the date of this release. The Company's actual results could differ materially due to the impact of the COVID-19 pandemic and FDA regulatory matters, which cannot be predicted, and the risk factors and other items described in more detail in the "Risk Factors" section of the Company's Annual Reports and other filings with the SEC (copies of which may be obtained at www.sec.gov). Subsequent events and developments may cause these forward-looking statements to change. The Company specifically disclaims any obligation or intention to update or revise these forward-looking statements as a result of changed events or circumstances that occur after the date of this release, except as required by applicable law. Our actual results could differ materially due to risk factors and other items described in more detail in the "Risk Factors" section of the Company's Annual Reports and other filings with the SEC (copies of which may be obtained at www.sec.gov).
POLARITYTE, the POLARITYTE logo, SKINTE, WHERE SELF REGENERATES SELF and WELCOME TO THE SHIFT are trademarks or registered trademarks of PolarityTE, Inc.
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VP, Investor Relations