The Shareholders Foundation announces that an investigation for long-term investors in shares of Galectin Therapeutics Inc. (NASDAQ:GALT) shares is ongoing concerning potential breaches of fiduciary duties by certain Galectin Therapeutics officers and directors.
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, respectively to as low as $2.51 per share on May 29, 2015
Investors who purchased shares of Galectin Therapeutics Inc. (NASDAQ:GALT) and currently hold any of those NASDAQ:GALT shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain Galectin Therapeutics officers and directors breached their fiduciary duties and caused damage to the company and its shareholders. More specifically the investigation relates to news reports that the Company’s senior management failed to disclose that they had hired Emerging Growth Corp., a penny-stock promotions firm, to conduct an illegal stock promotion campaign on behalf Galectin.
On July 24, 2014, Emerging Growth Corp. claimed 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.
Then, on July 28, 2014, an article 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.
On July 30, 2014, a lawsuit was filed against Galectin Therapeutics Inc over alleged securities laws violations. The plaintiff claims 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.
Those who purchased shares of Galectin Therapeutics Inc. (NASDAQ:GALT), have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com