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Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Galectin Therapeutics Inc.
|By PR Newswire
|August 6, 2014 01:30 PM EDT
WILMINGTON, Del., Aug. 6, 2014 /PRNewswire/ -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Galectin Therapeutics Inc. (NASDAQ CM: GALT)?
- Did you purchase your shares before January 6, 2014, or between January 6, 2014 and July 28, 2014, inclusive?
- Did you lose money in your investment in Galectin Therapeutics Inc.?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A., including former Special Assistant United States Attorney, Timothy J. MacFall, announces that a complaint has been filed in the United States District Court for the District of Nevada on behalf of all persons or entities that purchased the common stock of Galectin Therapeutics Inc. ("Galectin" or the "Company") (NASDAQ CM: GALT) between January 6, 2014 and July 28, 2014, inclusive (the "Class Period"), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").
If you purchased shares of Galectin during the Class Period, or purchased shares prior to the Class Period and still hold Galectin, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to [email protected]; or at: http://www.rigrodskylong.com/investigations/galectin-therapeutics-inc-galt.
Galectin is a development-stage company engaged in drug research and development to create new therapies for fibrotic disease and cancer. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's business, operations and prospects. As a result of defendants' alleged false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on July 28, 2014, Bleecker Street Research published an article on SeekingAlpha.com claiming that Galectin "has strong ties to stock promoters" engaging in a misleading brand awareness campaign aimed at boosting its stock price. On that same day, Adam Feuerstein published an article on TheStreet.com revealing that Emerging Growth Corp., through its parent company TDM Financial, a penny-stock promotions firm, was the investor relations and marketing company Galectin was paying for misleading promotional campaigns to entice investors to buy its stock.
On this news, shares in Galectin plummeted more than 60%, closing at $5.70 per share on July 29, 2014, on unusually heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than September 29, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.
Rigrodsky & Long, P.A.
Timothy J. MacFall, Esquire
Fax: (302) 654-7530
SOURCE Rigrodsky & Long, P.A.
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