May 13, 2013 (Shareholders Foundation) - An investigation on behalf of investors of Pain Therapeutics, Inc. (NASDAQ:PTIE) shares over potential securities laws violations by Pain Therapeutics and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Pain Therapeutics, Inc. (NASDAQ:PTIE) concerning whether a series of statements by Pain Therapeutics. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Pain Therapeutics, Inc. reported that its annual Total Revenue declined from $11.48 million in 2011 to $10.89 million in 2012 and its respective Net Loss increased from $2.61 million to $3.45 million.

Shares of Pain Therapeutics, Inc. declined from $9.98 per share in June 2011 to $2.75 per share in November 2012.

Then on May 9, 2013, Pain Therapeutics, Inc. disclosed that it received an email from Pfizer on May 9, 2013. Pfizer stated that it could not yet decide whether to pursue regulatory approval of Pain Therapeuticss painkiller Remoxy.

Shares of Pain Therapeutics, Inc. declined from $5.55 per share on May 9, 2013, to $2.74 per share on May 10, 2013.

On May 13, 2013, NASDAQ:PTIE shares closed at $2.75 per share.