Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Investor Alert: Investigation over October 2012 Offering

An investigation for investors in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) shares over potential securities laws violations by Rigel Pharmaceuticals was announced and NASDAQ:RIGL stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com

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San Diego, CA -- (SBWire) -- 03/04/2013 --An investigation on behalf of investors of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) shares over potential securities laws violations by Rigel Pharmaceuticals, Inc. and certain of its directors and officers in connection certain financial statements was announced.

Investors who purchased shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) on October 3, 2012 or shortly after on October 3, 2012, 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 focuses on possible claims on behalf of purchasers of the securities of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) concerning whether a series of statements by Rigel Pharmaceuticals, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Rigel Pharmaceuticals, Inc. reported that its annual Total Revenue fell from $125.00 million in 2010 to $4.75 million in 2011 and that its Net Income of $37.89 million in 2010 declined to a Net Loss of $85.97 million in 2011. For the first three quarters in 2012 Rigel Pharmaceuticals, Inc. announced a combined nine months Total Revenue of $2.25 million with a combined nine months Net Loss of $73.37 million.

On June 19, 2012, AstraZeneca and Rigel Pharmaceuticals announced an exclusive worldwide license agreement for a potential new treatment for chronic asthma

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) grew from $7.17 per share on June 1, 2012 to as high as $11.20 per share on July 27, 2012.

Then on October 2, 2012, Rigel Pharmaceuticals announced a proposed public offering of common stock and on Oct. 3, 2012, Rigel Pharmaceuticals, Inc. announced the pricing of its previously announced underwritten public offering of 13,685,000 shares of its common stock, offered at a price of $9.50 per share to the public.

Then on Dec. 13, 2012, AstraZeneca announced the results of OSKIRA-4, a Phase IIb monotherapy study of fostamatinib, the first kinase inhibitor with selectivity for SYK (spleen tyrosine kinase) in development as an oral treatment for rheumatoid arthritis

NASDAQ:RIGL shares declined to as low as $5.51 per share on December 13, 2012.

On March 1, 2013, NASDAQ:RIGL shares closed at $6.74 per share.

Those who purchased shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) on October 3, 2012 or shortly after on October 3, 2012, have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

Media Relations Contact

Trevor Allen
General Manager
Shareholders Foundation, Inc.
858-779-1554
http://www.ShareholdersFoundation.com

View this press release online at: http://rwire.com/216347