Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of Brainstorm Cell Therapeutics Inc. (BCLI) Investors

LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Brainstorm Cell Therapeutics Inc. (“Brainstorm Cell” or the “Company”) (NASDAQ: BCLI) securities between August 15, 2022 and September 27, 2023, inclusive (the “Class Period”). Brainstorm Cell investors have until January 2, 2024 to file a lead plaintiff motion.

If you suffered a loss on your Brainstorm Cell investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Brainstorm-Cell-Therapeutics-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [e-mail] to learn more about your rights.

On November 10, 2022, Brainstorm Cell disclosed that the U.S. Food and Drug Administration (“FDA”) had rejected its New Biologics License Application (“BLA”) for its ALS treatment, NurOwn. On this news, Brainstorm Cell’s stock price fell $1.22, or 42.2%, to close at $1.67 per share on November 10, 2022, thereby injuring investors.

Then, on September 27, 2023, Brainstorm Cell announced the results of the FDA’s review of its resubmitted BLA in which it was determined that there was not substantial evidence to show NurOwn’s effectiveness. Further, the FDA stated that Brainstorm Cell had downplayed the risks associated with NurOwn, and that “the manufacturing information was grossly deficient to ensure adequate product quality.” On this news, Brainstorm Cell’s stock price fell $0.19, or 48.7%, to close at $0.20 per share on September 28, 2023, 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 that: (1) Brainstorm Cell downplayed the severity of the FDA’s refusal to file letter; (2) Brainstorm Cell continued to conceal the risks associated with the submission of the BLA; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired Brainstorm Cell securities during the Class Period, you may move the Court no later than January 2, 2024 to ask the Court to appoint you 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 Charles Linehan, 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 [e-mail], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

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