An investigation on behalf of current long term investors in Galectin Therapeutics Inc. (NASDAQ:GALT) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NASDAQ:GALT stockholders should contact the Shareholders Foundation at firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 10/01/2014 -- The Shareholders Foundation announces that an investigation on behalf of current long-term investors in shares of Galectin Therapeutics Inc. (NASDAQ:GALT) was initiated concerning potential breaches of fiduciary duties by certain directors and officers of Galectin Therapeutics.
Investors who are current long term investors in Galectin Therapeutics Inc. (NASDAQ:GALT) shares, have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in NASDAQ:GALT stocks follows a lawsuit filed recently against Galectin Therapeutics Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:GALT stocks, concerns whether certain Galectin Therapeutics officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the District of Nevada the plaintiff alleges that between January 6, 2014 and July 28, 2014 defendants violated the federal securities laws by disseminating allegedly false and misleading statements to the investing public about the Company’s business and prospects and that as a result of defendants’ statements, Galectin Therapeutics Inc.’s stock traded at allegedly artificially inflated prices between January 6, 2014 and July 28, 2014, reaching a high of $18.30 per share on February 27, 2014.
On July 24, 2014, Emerging Growth Corp. claimed in a press release that Galectin Therapeutics Inc was “nipping at [the] heels” of its competitors and “actually may be closer than what first appears with a Phase 1 trial because of the potential to treat fatty liver disease even once it has progressed.” Then, on July 28, 2014, an article on SeekingAlpha.com claimed that Galectin Therapeutics Inc had “strong ties to stock promoters” engaging in a misleading brand awareness campaign aimed at boosting its stock price. The same day, a separate article on TheStreet.com revealed that Emerging Growth, through its parent company TDM Financial, a penny-stock promotions firm, was the investor relations and marketing company Galectin Therapeutics Inc was paying for misleading promotional campaigns to entice investors to buy its stock. Shares of Galectin Therapeutics Inc. (NASDAQ:GALT) declined from $15.32 per share on July 25, 2014, to as low as $5.06 per share on August 8, 2014.
On September 29, 2014, NASDAQ:GALT shares closed at $5.23 per share.
Those who purchased shares of Galectin Therapeutics Inc. (NASDAQ:GALT) have certain options and should contact the Shareholders Foundation.
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