NEW YORK, Aug. 29, 2014 /PRNewswire/ -- Faruqi &
Faruqi, LLP, a leading national securities law firm, reminds
investors in Galectin Therapeutics, Inc. ("Galectin" or the
"Company") (NasdaqCM: GALT) of the September
29, 2014 deadline to seek the role of lead plaintiff in a
federal securities class action lawsuit filed against Galectin and
certain executives.
A complaint has been filed in the United District 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.
Request more information now by clicking here:
www.faruqilaw.com/GALT. There is no cost or obligation to
you.
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.
Faruqi & Faruqi, LLP is a national law firm which represents
investors and individuals in class action litigation. The
firm is focused on providing exemplary legal services in complex
litigation in the areas of securities, shareholder, antitrust and
consumer litigation, throughout all phases of litigation. The
firm has an experienced trial team which has achieved significant
victories on behalf of the firm's clients. To keep track of the
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FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello,
Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
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