An investigation on behalf of current long term investors in Star Scientific, Inc. (NASDAQ:STSI) shares over possible breaches of fiduciary duty by certain officers and directors was announced and Star Scientific, Inc. (NASDAQ:STSI) stockholders should contact the Shareholders Foundation at firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 05/08/2013 -- An investigation on behalf of investors, who purchased their NASDAQ:STSI as early as 2006 or earlier and continue to hold any of those shares, was announced. The investigation concerns whether certain directors and officers of Star Scientific, Inc. breached their fiduciary duties in connection certain statements made between October 31, 2011 and March 18, 2013.
Investors who are current long term investors in Star Scientific, Inc. (NASDAQ:STSI) shares, including but not limited to those who purchased NASDAQ:STSI shares as early as 2006 or earlier and continue to hold any of those NASDAQ:STSI shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in Star Scientific, Inc. (NASDAQ:STSI) stocks follows a lawsuit filed earlier against Star Scientific, Inc. over alleged securities laws violations.
The investigation on behalf of current long term investors in Star Scientific, Inc. (NASDAQ:STSI) stocks concerns whether certain Star Scientific 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 Eastern District of Virginia the plaintiff alleges that Star Scientific, Inc. violated the Securities Exchange Act of 1934. More specifically, the plaintiff alleges that Defendants allegedly made false and/or misleading statements and/or failed to disclose that Star Scientific, Inc. engaged in potentially illegal transactions involving certain private placements and related party transactions since 2006 involving Star Scientific, Inc. securities.
On January 23, 2012, a report was published that alleged that Star Scientific, Inc. misled investors about the involvement of Johns Hopkins University in the clinical testing of the company's retail nutritional supplement anatabine.
On Jan 28, 2013, Star Scientific, Inc. commented on the report from January 23, 2013. Star Scientific, Inc. said that the report contained numerous false and misleading statements regarding the Company's anatabine research and the initial results of the ASAP Human Thyroid Health Study released by Star Scientific on January 7, 2013.
In January and February 2013 Star Scientific, Inc. received subpoenas from the US Attorney's office investigating transactions in Star Scientific’s securities, including related party transactions, dating back to 2006.
On March 18, 2013, Star Scientific, Inc. disclosed this investigation to investors, announcing that the Company and its directors had received subpoenas from the US Attorney's office. The Company also announced that it was conducting an internal investigation regarding these transactions.
Shares of Star Scientific, Inc. (NASDAQ:STSI) declined from $2.95 per share in early January 2013 to as low as $1.16 per share on May 2, 2013, which is significantly below its current 52 week High of $5.05 per share.
Those who purchased shares of Star Scientific, Inc. (NASDAQ:STSI), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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