TRENTON, N.J. (Legal Newsline) — An investor his suing a pharmaceutical company and its officers, alleging negligent misrepresentation.
David Lewis filed a class action lawsuit, individually and on behalf of all other persons similarly situated, July 1 in U.S. District Court District of New Jersey against Lipocine Inc., Mahesh V. Patel and Morgan R. Brown, alleging violations of the Securities Exchange Act.
According to the complaint, Lewis suffered significant financial losses and damages for purchasing Lipocine securities at artificially inflated prices during the class period and was later damaged upon the revelation of the alleged corrective disclosures.
The plaintiff alleges the defendants made public misrepresentations or failed to disclose material facts during the class period and deceived the investing public by artificially inflating and maintaining the market price of Lipocine securities.
Lewis seeks a trial by jury, judgment to determine this case can be maintained as a class action, damages, pre- and post-judgment interest, attorney fees, expert fees, legal costs and such other relief the court deems just and proper. He is represented by attorney Laurence Rosen of The Rosen Law Firm PA in South Orange, New Jersey.
U.S. District Court District of New Jersey Case number 3:16-cv-04009