WAYNE, Pa., April 1, 2013 /PRNewswire/ -- Ryan & Maniskas, LLP (www.rmclasslaw.com/cases/stsi) announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of Virginia, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Star Scientific, Inc. ("Star Scientific" or the "Company") (NASDAQ: STSI) between October 31, 2011 and March 18, 2013, both dates inclusive of (the "Class Period").
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at firstname.lastname@example.org or visit: www.rmclasslaw.com/cases/stsi).
Star Scientific produces products that assist in maintaining a healthy metabolism and lifestyle. Amongst various offerings, the Company sells a dietary supplement which purportedly helps a body maintain a healthy level of inflammation, and a cream that improves the appearance of the skin. Additional products in development address Hashimoto's thyroiditis and neurological disorders including Alzheimer's disease.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that the Company engaged in potentially illegal transactions involving certain private placements and related party transactions since 2006 involving Star Scientific securities. On January 23, 2013, The Street published an article alleging, among other things, that the Company misled investors regarding John Hopkins University's involvement in Star Scientific's clinical testing of its retail nutritional supplement Anatabine. On this news, Star Scientific shares declined $0.31 per share or nearly 12%, to close at $2.44 per share.
In January and February 2013 the Company received subpoenas from the US Attorney's office investigating transactions in the Company's securities, including related party transactions, dating back to 2006.
On March 18, 2013, the Company disclosed this investigation to investors, announcing that the Company and its directors had received subpoenas from the US Attorney's office. The Company also announced that it was conducting an internal investigation regarding these transactions. On this news Star Scientific shares declined $0.35 per share or nearly 18% to $1.63 on March 19, 2013. As a result of defendants' wrongful acts and omissions, and the precipitous decline in the market value of the Company's securities, Plaintiff and other Class members have suffered significant losses and damages.
If you are a member of the class, you may, no later than May 24, 2013, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts 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. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/stsi or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at email@example.com. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
SOURCE Ryan & Maniskas, LLP