NEW YORK, March 28, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Kitov Pharmaceuticals Holdings LTD ("Kitov" or the "Company") (NASDAQ: KTOV) of the April 10, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Kitov American Depositary Receipts ("ADRs") pursuant to the Company's initial public offering on or about November 20, 2015 (the "IPO") and/or between November 20, 2015 and February 3, 2017 (the "Class Period"). The case, Pilgaonkar v. Kitov Pharmaceuticals Holdings Ltd et al, No. 1:17-cv-00917 was filed on February 07, 2017, and has been assigned to Judge Lorna Gail Schofield.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) the Company and its Chief Executive Officer ("CEO"), Isaac Israel, published misleading information regarding the Company's clinical trials for its lead drug candidate, KIT-302; and (ii) as a result, Kitov's public statements were materially false and misleading at all relevant times.
Specifically, on February 6, 2017, the Israeli publication, Calcalist, reported that the Company's CEO, Isaac Israel, had been detained and questioned by the Israeli Securities Authority ("ISA") on suspicion of publishing misleading information in connection with a clinical trial of KIT-302. On this news, Kitov's ADRs fell from a closing price of $2.88 on February 3, 2017 to a closing price of $2.55 on February 6, 2017 —a $0.33 or a 11.46% drop.
Then, on February 7, 2017, the NASDAQ suspended trading of the Company's ADRs. Later on February 7, 2017, the Company informed investors of the aforementioned ISA investigation.
Request more information now by clicking here: www.faruqilaw.com/KTOV . There is no cost or obligation to you.
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 Kitov's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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SOURCE Faruqi & Faruqi, LLP