Benzinga | Nov 24, 2020 08:12AM EST

PolarityTE Reports Dismissal With Prejudice Of Consolidated Class Action Suit Filed In US District Court For Utah Under Securities Litigation

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."