LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) is investigating potential claims on behalf of investors of Applied DNA Sciences Inc. (“Applied DNA Sciences” or the “Company”) (Nasdaq: APDN) concerning the Company’s and its officers’ possible violations of federal securities laws.
On October 29, 2015, Seeking Alpha published a report alleging that the Company “has spent 6.6x more on insider compensation than R&D” and “is now facing imminent insolvency.” The report also accuses the Company of engaging in fraudulent accounting practices involving a “Valeant-esque” relationship with a “questionably opaque” UK company called Patronus Systems Ltd.
On this news, Applied DNA Sciences shares fell $3.83, or more than 54%, to close at $3.20 on October 29, 2015, thereby injuring investors.
If you purchased Applied DNA Sciences securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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