The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose that: (1) Abeona's science in its proposed gene therapy treatment for Sanfilippo syndrome is unviable; (2) Steven H. Rouhandeh, Abeona's Executive Chairman and Principal Executive Officer, previously worked in a high ranking position for a biotech promoter who was convicted of securities fraud and involved in manipulating biotech stocks; and (3) consequently, Abeona's statements about its business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On December 12, 2016, Mako Research reported on SeekingAlpha.com that "ABEO science is demonstrably unviable with numerous irrefutable flaws that will lead to failure." Mako Research also revealed that Steven H. Rouhandeh, Abeona's Executive Chairman and Principal Executive Officer, was a former managing director at D. Blech & Co. brokerage firm, which was the subject of a SEC investigation in the 1990s, and a securities class action that reached $15 million settlement for investors, based on allegations that D. Blech & Co artificially manipulated the price of various biotech stocks and maintained the market price of the biotech stocks to keep its company's interest in the stocks afloat. Following this news, Abeona stock dropped $0.70 per share or over 13% from its previous closing price to close at $4.45 per share on December 12, 2016.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/abeo or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Abeona you have until February 14, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
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SOURCE Bronstein, Gewirtz & Grossman, LLC