NEW YORK, July 31, 2014 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against Galectin Therapeutics Inc. ("Galectin" or the "Company") (NASDAQ: GALT) and its board of directors concerning whether the board has breached its fiduciary duties to shareholders or violated the federal securities laws.
On July 28 2014, an article was published on a financial blogging website alleging that Galectin had paid stock promoters to pump the Company's stock and future prospects. According to the report, corporate insiders sold millions of dollars in stock during the stock promotion. On July 29, 2014, the Company disclosed poor results in a trial of its liver drug candidate and Galectin stock dropped nearly 60%.
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