NEW YORK, Feb. 24, 2017 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Kitov Pharmaceuticals Holdings Ltd. (“Kitov” or the “Company”) (NASDAQ: KTOV ) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 17-cv-00917, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Kitov American Depositary Receipts (“ADRs”) pursuant and/or tradeable to the Company’s initial public offering on or about November 20, 2015 (the “IPO”) and/or on the open market between November 20, 2015 and February 3, 2017, both dates inclusive (the “Class Period”), seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Kitov securities during the Class Period, you have until April 10, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com . To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
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Kitov is a clinical development stage biopharmaceutical company that develops combination drugs for the simultaneous treatment of pain caused by osteoarthritis and hypertension. The Company’s lead drug candidate is KIT-302, a fixed dosage combination product based on the generic drugs celecoxib and amlodipine besylate, that has completed its Phase III clinical study.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company and its Chief Executive Officer (“CEO”) Isaac Israel published misleading information concerning the conduct of the Company’s clinical trials for its lead drug candidate KIT-302; and (ii) as a result of the foregoing, Kitov’s public statements were materially false and misleading at all relevant times.
On February 6, 2017, the Israeli publication Calcalist reported that Kitov’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 ADR price fell $0.33, or 11.46%, to close at $2.55 on February 6, 2017.
On February 7, 2017, the NASDAQ halted trading of Kitov’s ADRs. That same day, Kitov issued a news release, formally advising investors of the ISA’s investigation into the Company’s public disclosures regarding KIT-302.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT: Robert S. Willoughby Pomerantz LLP rswilloughby@pomlaw.com
