STEVENSON, Md., Jan. 10, 2017 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been filed against Abeona Therapeutics Inc. (“Abeona” or the “Company”) (Nasdaq: ABEO ) on behalf of purchasers of PlasmaTech Biopharmaceuticals, Inc. securities from March 31, 2015 through June 19, 2015, inclusive (the “PlasmaTech Class Period”) and/or Abeona Therapeutics Inc. securities from June 22, 2015 through December 9, 2016, inclusive (the “Abeona Class Period” and together with the PlasmaTech Class Period, the “Class Period”). Abeona Therapeutics Inc. was formerly known as PlasmaTech Biopharmaceuticals, Inc. The lawsuit, which has been filed in the United States District Court for the Southern District of New York, seeks to recover damages for Abeona investors under the federal securities laws for both class periods. Investors who wish to become proactively involved in the litigation have until February 14, 2017 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Abeona securities during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that the science behind Abeona’s proposed gene therapy treatment for Sanfilippo syndrome is unviable and Steven H. Rouhandeh, Abeona’s Executive Chairman and Principal Executive Officer, previously worked in a high ranking position for a biotech promoter who was convicted of securities fraud and involved in manipulating biotech stocks.
According to the complaint, following a December 12, 2016 report stating that Abeona’s science underpinning its gene therapy approach is unviable and that Steven H. Rouhandeh previously worked in a position of authority at D. Blech & Co., a firm named after now-convicted felon David Blech, the value of Abeona shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Abeona securities purchased during the Class Period and held through the revelation of negative information during and/or at the end of the Class Period 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. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
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.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 hoffman@browerpiven.com
