SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Encourages
Post# of 301275
NEW YORK, Dec. 20, 2016 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Abeona Therapeutics Inc. (“Abeona” or the “Company”) (NASDAQ: ABEO ), formerly known as PlasmaTech Biopharmaceuticals, Inc. (“PlasmaTech”), of the February 14, 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 PlasmaTech securities between March 31, 2015 and June 19, 2015, and/or purchased Abeona securities between June 22, 2015 and December 9, 2016 (the “Class Period”). The case, Reilly et al v. Abeona Therapeutics, Inc. et al , No. 1:16-cv-09730 was filed on December 16, 2016, and has been assigned to Judge Paul Adam Engelmayer.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failed to disclose that: (1) the science behind Abeona’s proposed gene therapy treatment for Sanfilippo syndrome is unviable; (2) that the Company’s Executive Chairman and Principal Executive Officer, Steven H. Rouhandeh (“Rouhandeh”), previously worked in a high ranking position for a biotech promoter who was convicted of securities fraud and involved in manipulating biotech stocks; and (3) as a result, Abeona’s statements about its business, operations and prospects were materially false and misleading and/or lacked a reasonable basis.
Specifically, on December 12, 2016, Mako Research published a report on Abeona stating, among other things, the Company’s science underpinning ABO101 and ABO102 is unviable, and that Rouhandeh previously worked in a position of authority at D. Blech & Co. — a firm named after now–convicted felon David Blech.
On this news, Abeona’s share price fell from $5.15 per share on December 9, 2016 to a closing price of $4.45 on December 12, 2016—a $0.70 or a 13.59% drop.
Request more information now by clicking here: www.faruqilaw.com/ABEO . There is no cost or obligation to you.
Take Action
If you invested in Abeona stock or options during the Class Period and would like to discuss your legal rights, visit www.faruqilaw.com/ABEO. 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 Abeona’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. 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 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
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