On September 12, 2014, the Honorable Paul S. Diamond of the Eastern District of Pennsylvania denied Photomedex’s motion to dismiss in a securities class action lawsuit. The plaintiffs allege that Photomedex made misrepresentations about its hair removal product, causing shareholders unjust losses. Judge Diamond held that the plaintiffs identify misleading statements regarding the product, and that shareholders relied on such statements which resulted in them incurring losses. Because the plaintiffs plead facts to properly show a § 10(b) violation and that the Defendant had control over its actions, Judge Diamond denied Photomedex’s Motion to Dismiss.
If you have any questions or require any additional information, please contact James E. Miller or Laurie Rubinow toll-free at (866) 540-5505.