SAN DIEGO--(BUSINESS WIRE)--Shareholder rights law firm Johnson & Weaver, LLP has commenced an investigation into whether certain officers and directors of Galectin Therapeutics Inc. (NASDAQ: GALT) violated state or federal laws. Galectin, a development stage company, is engaged in the research and development of therapies for fibrotic disease and cancer.
The investigation is related to experimental drug study results and the company’s stock promotional activity. On Monday, July 28, 2014 in an article written by Adam Feurstein of TheStreet.com it was noted that Galectin hired a stock promotions firm, Emerging Growth Corp., to tout its stock. TheStreet.com's article elaborated that, “Emerging Growth, through its parent company TDM Financial, describes itself as an investor relations and marketing company, but that's just a shiny facade on what is really an ugly penny-stock promotions scheme”. On Tuesday, July 29, 2014, Galectin reported on its liver experimental drug GR-MD-02 phase 1 results which Adam Feuerstein of TheStreet.com noted “flopped.”
On the news Galectin’s stock collapsed and was down over 55% in mid morning trading. Johnson & Weaver is investigating whether investors were misled about the value of their investment in the Company.
If you have information that could assist in this investigation, or if you are a Galectin shareholder and are interested in learning more about the investigation or your legal rights and remedies, please contact Jim Baker (firstname.lastname@example.org) by email or by phone at 619-814-4471. If emailing, please include a phone number where you can be reached.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.