NEW YORK, Feb. 8, 2017 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Kitov Pharmaceutical Holdings LTD ("Kitov" or the "Company") (NASDAQ: KTOV) and certain of its officers, on behalf of a class who purchased Kitov American Depositary Receipts ("ADRs") pursuant and/or tradeable to the Company's initial public offering on or about November 20, 2015 (the "IPO") and/or on the open market between November 20, 2015 and February 3, 2017, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/ktov.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
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: (1) Kitov and its Chief Executive Officer ("CEO") Isaac Israel published misleading information concerning the conduct of the Company's clinical trials for its lead drug candidate KIT-302; and (2) consequently, Kitov's public statements were materially false and misleading at all relevant times.
On February 6, 2017, Calcalist, an Israeli publication, reported that Kitov's CEO Isaac Israel had been detained and questioned by the Israeli Securities Authority for allegedly publishing misleading information about Kitov's recent clinical trial. Following this news, Kitov stock dropped $0.33 per share, or 11.46%, to close at $2.55 on February 6, 2017.
On February 7, 2017, the NASDAQ stopped Kitov's ADRs trading. That same day, Kitov informed investors in a press release, of the ISA's investigation into its public disclosures regarding KIT-302.
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: www.bgandg.com/ktov 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 Kitov you have until April 10, 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
212-697-6484 | email@example.com
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