SAN DIEGO, May 2, 2017 /PRNewswire/ -- Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating potential claims against officers and directors of Investment Technology Group, Inc. and Stemline Therapeutics, Inc. as detailed below:
Investment Technology Group, Inc.
Johnson & Weaver, LLP, is investigating potential violations of federal and state laws by certain officers and directors of Investment Technology Group, Inc. (NYSE: ITG) ("ITG").
On April 26, 2017, a federal court denied in part a motion to dismiss a securities fraud class action filed against ITG and the Company's former CEO. ITG operates as an independent broker and financial technology company in the United States, Canada, Europe, and the Asia-Pacific.
The class action complaint alleges that throughout the Class Period the defendants issued materially false and misleading statements to investors and/or failed to disclose that: (1) ITG's AlterNet subsidiary operated a proprietary trading operation in 2010 through mid-2011 inside of ITG's POSIT dark pool, a private stock trading platform, against some of its broker clients; (2) the proprietary trading operation used information from customer stock orders within ITG's dark pool, as well as information from ITG clients that used the firm's algorithms to execute trades on other trading platforms, which should not have been available; and (3) as a result of the foregoing, the company's public statements were materially false and misleading at all relevant times. The complaint seeks significant damages against ITG caused by actions of officers and/or directors.
If you have held ITG shares continuously since at least February 28, 2011, you may have standing to hold the Company harmless from the damage the officers or directors are alleged to have caused the Company. You may also be able to assist in reforming the Company's corporate governance to prevent future wrongdoing.
If you are an ITG shareholder and are interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (email@example.com) at 619-814-4471. If you email, please include your phone number.
Stemline Therapeutics, Inc.
Johnson & Weaver, LLP, is investigating potential violations of federal and state laws by certain officers and directors of Stemline Therapeutics, Inc. (NASDAQ: STML). A securities fraud class action was filed against Stemline for purchasers of the stock betweenJanuary 6, 2017 and February 1, 2017.
The class action complaint alleges that throughout the Class Period, defendants made false and misleading statements and/or failed to disclose adverse information regarding the prospects for Stemline's SL-401 drug candidate, including that a cancer patient in a Stemline clinical trial for SL-401 had died from a severe side effect on January 18, 2017. The complaint further alleges that as a result of defendants' false statements and/or omissions, Stemline's stock traded at artificially inflated prices during the Class Period, reaching a high of $13.95 per share on January 10, 2017.
On January 19, 2017, Stemline issued a press release announcing a proposed follow-on public offering of the Company's common stock. Subsequently, on January 20, 2017, Stemline announced the pricing of the offering of 4.5 million shares of the Company's common stock at $10.00 per share, with projected gross proceeds of $45 million to Stemline.
Then, on February 2, 2017, before the market opened, Adam Feuerstein published an article on TheStreet reporting that on January 18, 2017, a cancer patient in a clinical trial of SL-401 for the treatment of blastic plasmacytoid dendritic cell neoplasm ("BPDCN") died from a severe side effect tied to the drug. The article stated that on January 17, 2017, the patient was diagnosed with capillary leak syndrome and died the next day, "having received only two of the scheduled five doses of SL-401 of the initial treatment cycle." Subsequently, on February 2, 2017, the Company issued a press release that provided an update on its ongoing trial for the treatment of BPDCN utilizing SL-401, confirming that BPDCN "has no approved treatment." The Company admitted receiving the report regarding the patient death on January 18, 2017, but continued with its stock offering on January 19, 2017, without disclosing the patient death to investors. As a result of this news, the price of Stemline stock dropped $4.15 per share, to close at $5.60 per share on February 2, 2017, a decline of 42% on volume of nearly 3.7 million shares traded.
If you have held Stemline shares continuously since at least January 2017, you may have standing to hold the Company harmless from the damage the officers or directors are alleged to have caused the Company. You may also be able to assist in reforming the Company's corporate governance to prevent future wrongdoing.
If you are a Stemline shareholder, continuously since at least January 2017, and are interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (firstname.lastname@example.org) at 619-814-4471. If you email, please include your phone number.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
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SOURCE Johnson & Weaver, LLP