SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of those who purchased or otherwise acquired the publicly traded securities of Galectin Therapeutics Inc. (“Galectin” or the “Company”) (NasdaqCM:GALT) between January 6, 2014 and July 28, 2014, inclusive (the “Class Period”).
If you purchased or acquired Galectin publicly traded securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than September 29, 2014. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Galectin investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Galectin Securities Class Litigation
The action charges Galectin and certain of its senior officers and directors with violations of the Securities Exchange Act of 1934. Galectin is a development stage company engaged in the research and development of therapies for fibrotic disease and cancer.
According the complaint, defendants violated the federal securities laws by disseminating false and misleading statements to the investing public throughout the Class Period. As a result of these false statements, Galectin’s stock traded at artificially inflated prices during the Class Period, reaching a high of $18.30 per share on February 27, 2014.
On July 28, 2014, Bleecker Street Research published an article on SeekingAlpha.com reporting that Galectin “has strong ties to stock promoters” engaged in a misleading brand awareness campaign aimed at boosting the price of Galectin stock. The same day, Adam Feuerstein published an article on TheStreet.com revealing that Emerging Growth Corp., via its parent company, penny-stock promotions firm TDM Financial, was paying for misleading promotional campaigns to provoke investment in Galectin’s stock.
On this news, Galectin’s stock dropped $8.84 per share, or 60.8%, from a previous close of $14.54 on July 27, 2014, to close at $5.70 per share on July 29, 2014, on extremely heavy trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation's top plaintiffs’ law firms for eleven years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs' bar and that demonstrated unusual dedication and creativity.” Best Lawyers and U.S. News have also named Lieff Cabraser as a “Law Firm of the Year” each year the publications have given this award to law firms.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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