NEW YORK, NY --(Marketwired - August 23, 2014) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Galectin Therapeutics, Inc. ("Galectin" or the "Company") (
A complaint has been filed in the United States District of 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.
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Take Action
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 rgonnello@faruqilaw.com . Faruqi & Faruqi, LLP also encourages anyone with information regarding Galectin's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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