BOULDER, Colo.--(BUSINESS WIRE)--The Shuman Law Firm announces that it is investigating potential claims against certain officers and directors of Galectin Therapeutics, Inc. (“Galectin” or the “Company”) (Nasdaq: GALT). Galectin is an Arizona-based specialty pharmaceutical company.
The Firm’s 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. The Company’s public S.E.C. filings further indicate that during the time Emerging Growth Corp was coordinating this marketing campaign, Galenctin’s senior management utilized the Company’s artificially inflated stock price to: (i) raise more than $30 million of cash from investors; and (ii) three Board of Directors members sold personally held shares for proceeds of more than $3 million. When this information became public, Galectin’s stock fell more than 60%. Shortly thereafter, Galectin stockholders filed a class action lawsuit against the Company for alleged violation of federal securities laws.
If you currently own Galectin common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Kip B. Shuman or Rusty E. Glenn toll-free at (866) 569-4531 or email Mr. Shuman at kip@shumanlawfirm.com or email Mr. Glenn at rusty@shumanlawfirm.com.
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in stockholder litigation.