PolarityTE, Inc. ( COOL ) have Accused of Failing to Disclose Non-Final Rejection of Patent

According to the complaint, PolarityTE, Inc. ( COOL ) announced that the company bought Dr. Denver Lough's pending Patent #14/954,335 (the "Patent") in exchange for over $104 million of PolarityTE stock.  Although Dr. Lough received a notice of non-final rejection of the Patent on March 31, 2017, PolarityTE never disclosed this fact to investors.  On May 29, 2018, the company filed an S-8 registration, which would allow management and promoters to sell hundreds of millions of dollars of common stock.  Less than a week later, on June 4, 2018, the U.S. Patent Trademark Office issued a final rejection for the Patent.  On June 25, 2018, Citron Research published a report exposing PolarityTE's failure to disclose the company's prior notice of non-final rejection of the Patent.  On this news, PolarityTE's stock plunged more than 27% to on June 25, 2018, and continues in a downward spiral, closing at $23.34 on June 29.

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