BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Oasmia Pharmaceutical AB (“Oasmia” or the “Company”) (NASDAQ: OASM) securities between October 23, 2015 and July 9, 2019, inclusive (the “Class Period”). Oasmia investors have until September 27, 2019 to file a lead plaintiff motion.
Investors suffering losses on their Oasmia investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
On June 28, 2019, the Company disclosed that it had reported certain suspicious transactions made between Oasmia and Alceco International S.A. (“Alceco”) and Ardenia Investments Ltd (“Ardenia”) to the Swedish Economic Crime Authority. Alceco and Ardenia are controlled by the former executive chairman, Julian Aleksov, and his former father-in-law, Bo Cederstrand, who had been a director of the Company. Oasmia further stated that certain transactions regarding its patents “have been carried out in a doubtful way.”
On this news, shares of Oasmia fell $0.319 per share, or almost 24%, to close at $1.021 per share on June 28, 2019, thereby injuring investors.
Then, on July 9, 2019, the Company announced that it had ended its “engagement and cooperation” with Julian Aleksov due to the suspicious transactions.
On this news, shares of Oasmia fell $0.34 per share, or over 13%, to close at $2.26 per share on July 10, 2019, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Oasmia engaged in improper related-party transactions with Alceco and Ardenia, which were controlled by Aleksov and his former father-in-law; (2) that due to those transactions, millions of Swedish kronor were not accounted for in Oasmia’s books; (3) that transactions concerning Oasmia’s patents were also “carried out in a doubtful way”; and (4) that as a result of the aforementioned misconduct, defendants’ statements about Oasmia’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Oasmia securities during the Class Period you may move the Court no later than September 27, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action 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 action. If you wish to learn more about this class 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 www.howardsmithlaw.com.
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