BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming April 10, 2017 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Kitov Pharmaceutical Holdings LTD (“Kitov” or the “Company”) (NASDAQ: KTOV) American Depository Receipts (“ADRs”) pursuant and/or traceable to the Company’s initial public offering on or about November 20, 2015 (the “IPO”) and/or between November 20, 2015 and February 3, 2017, inclusive (the “Class Period”). Kitov investors have until April 10, 2017 to file a lead plaintiff motion.
The class action Complaint filed in this lawsuit 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: (1) Kitov 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 (2) consequently, Kitov's public statements were materially false and misleading at all relevant times.
On February 6, 2017, it was revealed that Kitov's CEO Isaac Israel had been detained by the Israeli Securities Authority for purportedly issuing misleading information about Kitov's recent clinical trial.
On this news, shares of Kitov fell over 11% on February 6, 2017. The very next day, NASDAQ halted Kitov's ADRs trading.
If you purchased Kitov ADRs, you may move the Court no later than April 10, 2017 to request appointment as lead plaintiff. To be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
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