NEW YORK, Aug. 29, 2014 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Galectin Therapeutics, Inc. ("Galectin" or the "Company") (NasdaqCM: GALT) of the September 29, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Galectin and certain executives.
A complaint has been filed in the United District Court of Nevada on behalf of all persons who purchased Galectin securities between January 6, 2014 and July 28, 2014, inclusive (the "Class Period").
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Galectin paid stock promoters to distribute positive but false reports about the Company's prospects; (2) GR-MD-02 failed to provide the benefits proposed by Defendants when discussing the patent; and (3) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
On July 28, 2014, Bleecker Street Research published an article disclosing that Galectin has connections with multiple stock promoters, insiders sold stock in the midst of a campaign to promote.
Also on July 28, 2014, Adam Feuerstein published an article reporting that Galectin paid Emerging Growth Corp. to disseminate misleading promotional campaigns about its stock.
Following this news, the price of Galectin stock declined by $0.78, or over 5%, to close at $14.54 on July 28, 2014.
On July 29, 2014, Galectin published the results of GR-MD-02 phase 1 clinical trial on its website, suggesting that it showed little difference from a placebo.
On July 29, Adam Feuerstein published an article stating that the Company deemed the phase 1 trial to be a success because there were no adverse side effects, despite knowing that ineffective placebos do not raise safety concerns.
On this news, the price of Galectin stock declined by $8.84, or over 61%, to close at $5.70 on July 29, 2014.
Request more information now by clicking here: www.faruqilaw.com/GALT. There is no cost or obligation to you.
If you invested in Galectin stock or options between January 6, 2014 and July 28, 2014 and would like to discuss your legal rights, visit www.faruqilaw.com/GALT. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Galectin's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
SOURCE Faruqi & Faruqi, LLP