STEVENSON, Md., Aug. 22, 2014 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the District of Nevada on behalf of purchasers of Galectin Therapeutics Inc. ("Galectin") (Nasdaq: GALT ) publicly traded securities during the period between January 6, 2014 and July 28, 2014, inclusive (the "Class Period").
If you have suffered a loss from investment in Galectin securities purchased on or after January 6, 2014 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html . You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than September 29, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants with violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that a press release disseminated by Emerging Growth Corp. ("Emerging Growth") indicating that the Company's carbohydrate polymer drug GR-MD-02 had a significant potential for success in the treatment of fatty liver disease was a paid-for promotion that was unfounded. According to the complaint, following July 28, 2014 articles, one on SeekingAlpha.com claiming that Galectin had strong ties to stock promoters engaging in a misleading brand awareness campaign aimed at boosting its stock price, and the other on TheStreet.com revealing that Emerging Growth, through its parent company TDM Financial, a penny-stock promotions firm, was the investor relations and marketing company Galectin was paying for misleading promotional campaigns to entice investors to buy its stock, the value of Galectin shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616
