WASHINGTON--(BUSINESS WIRE)--Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether Kitov Pharmaceuticals Holdings Ltd. (“Kitov” or the “Company”) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 or committed violations of Sections 11, 12 and 15 of the Securities Act of 1933.
A class action lawsuit was filed in the U.S. District Court for the Southern District of New York by another law firm on behalf of purchasers of the American Depositary Receipts (“ADRs”) of Kitov Pharmaceuticals Holdings Ltd. (NASDAQ: KTOV) between November 20, 2015 and February 3, 2017, inclusive (the “Class Period”), including those who purchased shares pursuant or traceable to the Company’s November 20, 2015 initial public offering.
Kitov’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 Kitov and certain of its officers and directors misrepresented and/or failed to disclose that: (1) Kitov and its CEO published misleading information concerning the conduct of the Company’s clinical trials for KIT-302; and (2) as a result of the foregoing, Kitov’s public statements were materially false and misleading.
According to the complaint, on Monday, February 6, 2017, the Israeli publication Calcalist reported that the Company’s CEO 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. Later that morning, Kitov issued a press release disclosing the ISA investigation. The price of Kitov ADRs fell from $2.88 to $2.55 on February 6, and closed at $2.15 when trading resumed on February 9 after a two-day halt.
Cohen Milstein encourages all investors who purchased Kitov ADRs pursuant or traceable to the November 20, 2015 IPO, and/or between November 20, 2015 and February 3, 2017; or former employees with information concerning this matter to contact the firm.
If you are a Kitov shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein’s Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at email@example.com. If you wish to serve as lead plaintiff, you must move the Court no later than April 10, 2017 to request appointment. Any member of the proposed class may retain Cohen Milstein or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein has significant experience in prosecuting investor class actions and actions involving securities fraud, and is active in major litigation pending in federal and state courts throughout the nation. Cohen Milstein has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total billions of dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: firstname.lastname@example.org; email@example.com