Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the District of New Jersey on behalf of shareholders of Pacira BioSciences, Inc. who purchased shares between August 2, 2023 and August 8, 2024.
Pacira and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 9, 2024, the Company released the results of its lawsuit against eVenus for patent infringement relating to its Exparel product, which accounts for approximately 80% of the Company’s revenue, disclosing that the U.S. District Court for the District of New Jersey had “found that the company’s U.S. Patent No. 11,033,495 is not valid,” and, thus, eVenus was not infringing on anything.
On this news, the price of Pacira’s shares fell over 47%, from a closing price of $22.36 per share on August 8, 2024 to a low of $11.70 per share on August 9, 2024.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until March 14, 2025 to request that the court appoint them lead plaintiff.