Energy News / Shareholders Foundation, Inc.

Deadline Upcoming in $1.5 Million Settlement in the PhotoMedex Inc (NASDAQ: PHMD) Investor Lawsuit

Via: ReleaseWire

Updated 9:00 AM CDT, Mon, April 13,2015

A settlement was reached in the lawsuit filed on behalf of certain investors of PhotoMedex Inc (NASDAQ: PHMD) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on September 10, 2015 and NASDAQ: PHMD investors should contact the Shareholders Foundation.

San Diego, CA -- (ReleaseWire) -- 04/13/2015 -- A deadline is coming up on September 10, 2015 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of PhotoMedex Inc (NASDAQ: PHMD) between November 6, 2012 and November 5, 2013.

Investors who purchased a significant amount of shares of PhotoMedex Inc (NASDAQ: PHMD) between November 6, 2012 and November 5, 2013 have certain options and should contact the Shareholders Foundation by email at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The settlement proof of claim form or detailed settlement notice for the settlement in the PhotoMedex Inc (NASDAQ: PHMD) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/photomedex-inc-nasdaq-phmd-investor-securities-class-action-lawsuit-11222013

In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is September 10, 2015. The class action administrator for this case is Strategic Claims Services.

The lawsuit was originally filed 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. 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 that the 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 March 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 November 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 PhotoMedex Inc was facing regarding its main product the "no!no!".

Those who purchased shares of PhotoMedex Inc (NASDAQ: PHMD) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

For more information on this press release visit:
http://www.releasewire.com/press-releases/deadline-upcoming-in-15-million-settlement-in-the-photomedex-inc-nasdaq-phmd-investor-lawsuit-591304.htm

Media Relations Contact
Michael Daniels
858-779-1554
Email: Click to Email Michael Daniels
Web: http://www.ShareholdersFoundation.com