A lawsuit was filed on behalf of investors in BioLineRx Ltd. (NASDAQ:BLRX) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 01/18/2023 -- An investor, who purchased shares of BioLineRx Ltd. (NASDAQ: BLRX), filed a lawsuit against BioLineRx Ltd. over alleged violations of Federal Securities Laws.
Investors who purchased shares of BioLineRx Ltd. (NASDAQ: BLRX) have certain options and for certain investors are short and strict deadlines running. Deadline: March 6, 2023. NASDAQ: BLRX investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
Israel based BioLineRx Ltd., a clinical-stage biopharmaceutical development company, focuses on oncology. BioLineRx Ltd. On September 19, 2022, BioLineRx filed a Form 6-K attaching its press release, which stated, it had "entered into definitive agreements with several institutional investors for the issuance and sale in a registered direct offering of 13,636,365 of the Company's American Depositary Shares (ADSs) and warranted to purchase up to an aggregate of 13,636,365 ADSs, at a combined purchase price of $1.10 per ADS and associated warrant. Each ADS represents fifteen (15) ordinary shares, par value NIS 0.10 per share, of BioLineRx." The press release continued, stating, "[t]he gross proceeds from the offering … are expected to be $15 million. BioLineRx intends to use the net proceeds to facilitate the commercial launch of Motixafortide in autologous stem cell mobilization for multiple myeloma patients and general corporate purposes, which may include working capital and funding clinical trials…"
Shares of BioLineRx Ltd. (NASDAQ: BLRX) declined from $3.15 per share on October 15, 2021, to as low as $0.84 per share on September 26, 2022.
The plaintiff claims that between February 23, 2021 and September 19, 2022, the defendants made false and/or misleading statements and/or failed to disclose, among other things, that the Company was not well financed to develop Motixafortide while at the same time advancing other pipeline programs, that BioLine would require a loan from Kreos Capital VII Aggregator SCSP in an aggregate principal amount of up to $40 million and then also would require a $15M securities offering to facilitate the commercial launch of Motixafortide, and that as a result of the foregoing, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Those who purchased shares of BioLineRx Ltd. (NASDAQ: BLRX) have certain options and should contact the Shareholders Foundation.
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