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Nymox Pharmaceutical Corporation (NASDAQ: NYMX) Investor Securities Class Action Lawsuit 11/24/2014

  • If you purchased shares of Nymox Pharmaceutical Corporation (NASDAQ: NYMX), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
Nymox Pharmaceutical Corporation
Security
NASDAQ: NYMX

Case Name
Nymox Pharmaceutical Shareholder Class Action Lawsuit 11/24/2014
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of New Jersey

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Summary

February 26, 2015 - The lead plaintiff and lead counsel were appointed.
November 24, 2014 - An investor in shares of Nymox Pharmaceutical Corporation (NASDAQ: NYMX) filed a lawsuit in the U.S. District Court for the District of New Jersey against Nymox Pharmaceutical Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between January 31, 2011 and November 2, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of Nymox Pharmaceutical Corporation (NASDAQ: NYMX) common shares between January 31, 2011 and November 2, 2014, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that Nymox Pharmaceutical Corporation and Paul Averback, the president, director and chairman of Nymox Pharmaceutical Corporation, failed to disclose material information affecting the Phase 3 clinical trials for Nymox Pharmaceutical Corporation's proprietary drug NX-1207 for the treatment of benign prostatic hyperplasia (“BPH”).

The plaintiff says that NX-1207 showed positive results for the treatment of BPH in Phase 1 and Phase 2 clinical trials in the U.S and that Nymox Pharmaceutical Corporation regularly provided positive updates on the Phase 3 clinical trials.

However, on November 2, 2014, Nymox Pharmaceutical Corporation announced that Nymox Pharmaceutical Corporation’s two Phase 3 U.S. studies of NX-1207 for the treatment of BPH, NX02-0017 and NX02-0018, failed to meet their primary efficacy endpoints.

Shares of Nymox Pharmaceutical Corporation (NASDAQ: NYMX) dropped from $5.14 per share on October 31, 2014, to as low as $0.59 per share on November 3, 2014 and continued to decline to as low as $0.45 per share on November 14, 2014.