Goodman & Nekvasil P.A. May Recover Investor Losses – PixarBio Corp., Francis Reynolds, Kenneth Stromsland and Jay Herod Charged by SEC
Securities and Exchange Commission Charges PixarBio Corp., Francis Reynolds, Kenneth Stromsland and Jay Herod
According to the SEC, this case involves a fraudulent offering of unregistered securities by PixarBio (a biotechnology company with no revenue), Francis Reynolds (PixarBio’s president, chief executive officer, chief financial officer, and chief science officer), Kenneth Stromsland (PixarBio’s chief information officer and vice president of investor and public relations), and Jay Herod (a long-time friend of Reynolds). According to the SEC, since at least December 2015, the defendants have raised approximately $12.7 million for PixarBio from about 211 investors.
According to the SEC, to lure investors, Reynolds has made many materially false and misleading statements, including that: (i) the U.S. Food & Drug Administration accelerated the regulatory approval process for the drug that PixarBio is supposedly developing; (ii) PixarBio has a $10 million line of credit; (iii) PixarBio raised enough money in 2016 to fund its operations through 2017 and begin clinical studies in humans; and (iv) Reynolds personally invented the first medical device to treat acute spinal cord injury and personally obtained dozens of neuroscience-related patents. According to the SEC, Stromsland and Herod have actively solicited investors in person and by distributing materials written by Reynolds.
According to the SEC, the defendants’ fraudulent offering of securities is still underway. PixarBio has raised more than $440,000 from investors since November 2017. According to the SEC, in February 2018, PixarBio announced plans to raise another $5 million from investors.
Investors in PixarBio Corp. May Recover their Losses with Goodman & Nekvasil, P.A.
If you purchased your PixarBio Corp. investment from a licensed financial advisor, Goodman & Nekvasil, P.A. can help you. Goodman & Nekvasil, P.A., a Clearwater, Florida, law firm with a national practice representing victimized investors, has filed hundreds of cases against brokerage firms selling high-risk or fraudulent investments such as PixarBio Corp. and has recovered more than $180 million dollars on behalf of victimized investors.
All our cases are handled on a purely contingency fee basis by Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA. Kalju Nekvasil, Esq. has practiced in this area of the law for more than 35 years.
There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf. Finally, the filing of such a case should not affect your ownership of your PixarBio Corp. investment.
If you incurred losses on your investment in PixarBio Corp. and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
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