A lawsuit was filed on behalf of certain investors in shares of Star Scientific, Inc. (NASDAQ:STSI) over alleged securities laws violations. Deadline: May 24, 2013. NASDAQ:STSI stockholders should contact the Shareholders Foundation at firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 04/01/2013 -- An investor in shares of Star Scientific, Inc. (NASDAQ:STSI) filed a lawsuit in the U.S. District Court for the Eastern District of Virginia over alleged violations of Federal Securities Laws by Star Scientific, Inc. in connection certain allegedly false and misleading statements made between October 31, 2011 and March 18, 2013.
Investors who purchased a significant amount of shares of Star Scientific, Inc. (NASDAQ:STSI) between October 31, 2011 and March 18, 2013, and / or those who purchased NASDAQ:STSI shares prior to 2011 and currently hold any of those shares, have certain options and for certain investors are short and strict deadlines running. Deadline: May 24, 2013. NASDAQ:STSI investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Star Scientific, Inc. (NASDAQ:STSI) between October 31, 2011 and March 18, 2013, that Star Scientific, Inc. and certain of its officers 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.
Star Scientific, Inc. (NASDAQ:STSI) reported that its annual Total Revenue increased from $0.85 million in 2010 to $1.72 million in 2011, while its Net Loss increased from $28.28 million in 2010 to $37.99 million in 2011.
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 $1.371 on March 26, 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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