Case Page

 

Case Status:    DISMISSED    
On or around 05/16/2016 (Other)

Filing Date: July 30, 2014

According to the law firm press release, Galectin is a development stage company engaged in the research and development of therapies for fibrotic disease and cancer. The Company’s lead product candidates include GR-MD-02 to treat non-alcoholic steatohepatitis or NASH, a disease that leads to fatty buildup in the liver and can potentially lead to cirrhosis and/or liver cancer.

The complaint alleges that throughout the Class Period, defendants violated the federal securities laws by disseminating false and misleading statements to the investing public about the Company’s business and prospects. As a result of defendants’ false statements, Galectin’s stock traded at artificially inflated prices during the Class Period, reaching a high of $18.30 per share on February 27, 2014.

On July 24, 2014, Emerging Growth Corp. (“Emerging Growth”) disseminated a press release through Accesswire stating that Galectin 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 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 was paying for misleading promotional campaigns to entice investors to buy its stock. On this news, Galectin’s stock fell $8.84 per share to close at $5.70 per share on July 29, 2014, a one-day decline of nearly 61% on volume of nearly 7.7 million shares.

On January 6, 2015, this case was transferred to the Northern District of Georgia.

On March 24, 2015, the Court issued an Order appointing Lead Plaintiff and approving Lead Counsel.

On December 30, 2015, the Court issued an Order dismissing this case with prejudice.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: GALT
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. Georgia
DOCKET #: 14-CV-00399
JUDGE: Hon. Robert C. Jones
DATE FILED: 07/30/2014
CLASS PERIOD START: 01/06/2014
CLASS PERIOD END: 07/28/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
  2. The O'Mara Law Firm, P.C.
    311 East Liberty Street, The O'Mara Law Firm, P.C., NV 89501
    775.323.1321 775.323.1321 ·
No Document Title Filing Date
COURT: N.D. Georgia
DOCKET #: 15-CV-00029
JUDGE: Hon. Robert C. Jones
DATE FILED: 05/08/2015
CLASS PERIOD START: 10/25/2013
CLASS PERIOD END: 07/28/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kessler Topaz Meltzer & Check LLP (Pennsylvania)
    280 King of Prussia Road, Kessler Topaz Meltzer & Check LLP (Pennsylvania), PA 19087
    610.667.7706 610.667.7706 · info@ktmc.com
  2. Morris, Manning & Martin, LLP
    1600 Atlanta Financial Center, Morris, Manning & Martin, LLP, GA 30326
    (404) 233-7000 (404) 365-9532 ·
No Document Title Filing Date