NEW YORK, June 6, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP has filed a class action lawsuit against Uni-Pixel, Inc. ("Uni-Pixel" or the "Company") (Nasdaq:UNXL) and certain of its officers. The class action, filed in United States District Court, Southern District of Texas, and docketed under 13-cv-01649, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Uni-Pixel between December 7, 2012 and May 31, 2013 both dates inclusive (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Uni-Pixel securities during the Class Period, you have until August 5, 2013 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, number of shares purchased, and losses.
Uni-Pixel manufactures fingerprint-resistant and hard coat protective cover films for touch screen-enabled devices. The Company's key product is UniBoss, a copper-mesh film that sits under the glass in touch-sensitive devices, which the Company claims is cheaper to manufacture and more responsive than other competing technologies.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose material adverse facts concerning: (1) the nature and commercial potential of the agreements recently entered into by Uni-Pixel with other companies to develop, manufacture and distribute UniBoss; and (2) Uni-Pixel's ability to successfully produce UniBoss in commercially meaningful volumes without serious mechanical failures, and at the price points and margins, projected by management.
On May 20, 2013, after the market closed, the Company disclosed that a PC manufacturer with whom it is collaborating recently reported delays with associated operating system software that would delay the appearance of products utilizing UniBoss technology from the third quarter into the fourth quarter of 2013. On this news, Uni-Pixel securities declined $2.48 per share over 9.5%, to close at $23.47 per share on May 21, 2013.
On May 31, 2013, Seeking Alpha published an article in which the author stated, among other things, that he had spoken with two former Uni-Pixel sales employees who told him that Uni-Pixel had yet to prove the viability of UniBoss by the time they had left the company, and expressed significant skepticism about Uni-Pixel's ability to successfully produce UniBoss. One of these employees predicted that "Uni-Pixel would ultimately fail when it came time to produce UniBoss in material volumes and in a real-life setting outside of the lab." On this news, Uni-Pixel securities declined $4.57 per share over 23%, to close at $15.21 per share on May 31, 2013.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.