NEW YORK, May 9, 2014 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Biota Pharmaceuticals, Inc. ("Biota" or the "Company") (NasdaqGS: BOTA).
On April 29, 2014 Biota revealed alarming news about the Company. The 8-K stated, in relevant part, that Biota "has been notified by the U.S. Department of Health and Human Services (HHS) office of the Assistant Secretary for Preparedness and Response (ASPR) and Biomedical Advanced Research and Development Authority (BARDA) that pending a decision regarding the outcome of a recently completed In Process Review (IPR) of the Company's contract for the development of laninamivir octanoate, which the Company is developing for the treatment of influenza A and B infections in the United States through a contract with BARDA, ASPR/BARDA, has issued a Stop-Work Order notifying the Company to discontinue work on a number of activities under its contract."
The April 29 disclosure caused Biota shares to plummet by $1.93, or roughly 34 percent, from the previous day's closing price of $5.57.
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If you invested in Biota stock or options and would like to discuss your legal rights, visit www.faruqilaw.com/BOTA. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Biota's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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