34% Drop in Biota Pharmaceutical, Inc.'s Stock Price: Law Firm Investigates on Behalf of Shareholders
SAN DIEGO and NEW YORK, May 12, 2014 /PRNewswire/ -- Shareholder rights law firm Robbins Arroyo LLP is investigating potential violations of federal securities laws on behalf of investors of Biota Pharmaceutical, Inc. (NYSE: BOTA). Biota Pharmaceuticals is a biopharmaceutical company that focuses on the discovery and development of anti-infective products.
Biota Pharmaceuticals Shares Fall on Termination of Laninamivir Octanoate Contract
Shares of Biota Pharmaceuticals fell 34%, to close at $3.68 on April 29, 2014, following an announcement by the company that the U.S. Department of Health and Human Services office of the Assistant Secretary for Preparedness and Response and Biomedical Advanced Research and Development Authority (BARDA) issued a Stop-Work Order "notifying the Company to discontinue work on a number of activities under [its] contract." The Stop-Work Order is contingent upon the outcome of an In Process Review of the Biota's contract for the development of laninamivir octanoate. The BARDA contract provides up to $231 million in financial support for the development of laninamivir octanoate for the treatment of influenza A and B in the United States.
Biota Pharmaceutical Shareholders Are Encouraged to Contact Shareholder Rights Law Firm Robbins Arroyo LLP
If you invested in Biota Pharmaceuticals and would like to discuss your shareholder rights, please contact attorney Darnell R. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the information form on the firm's shareholder rights blog: http://www.robbinsarroyo.com/shareholders-rights-blog/biota-pharmaceuticals-inc/
Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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SOURCE Robbins Arroyo LLP