NEW YORK, July 31, 2014 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that a class action lawsuit has been filed on behalf of purchasers of Galectin Therapeutics, Inc. (Nasdaq:GALT) securities between January 6, 2014 and July 28, 2014, inclusive (the "Class Period") asserting violations of federal securities laws.
To join the Galectin class action, visit the firm's website at http://www.rosenlegal.com/cases-322.html, or call Phillip Kim or Jonathan Horne toll-free at 866-767-3653; you may also email pkim@rosenlegal.com or jhorne@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
According the lawsuit, Galectin and certain of its officers and directors made false and misleading statements concerning one of its lead product candidates – GR-MD-02 that seeks to treat the liver disease NASH. On July 24, 2014, Emerging Growth Corp. ("Emerging Growth") issued a press release touting 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."
On July 28, 2014, an article published on SeekingAlpha.com disclosed that Galectin has "strong ties to stock promoters" engaging in a misleading promotional campaign to raise its stock price. On that same day, an article published on TheStreet.com revealed that Emerging Growth, through its parent company – the penny-stock promotions firm TDM Financial – was the investor relations and marketing firm Galectin hired for the misleading promotional campaigns to attract investors. On this news, Galectin's stock fell $8.84 per share, or over 60%, to close at $5.70 per share on July 29, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than September 29, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Phillip Kim or Jonathan Horne of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at pkim@rosenlegal.com or jhorne@rosenlegal.com. You may also visit the firm's website at http://www.rosenlegal.com/cases-322.html.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.