New York, New York--(Newsfile Corp. - September 4, 2019) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Oasmia Pharmaceutical AB (NASDAQ: OASM) ("Oasmia") or the "Company") of the September 27, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Oasmia stock or options between October 23, 2015 and July 9, 2019 and would like to discuss your legal rights, click here: . There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to .
CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all those who purchased Oasmia securities between October 23, 2015 and July 9, 2019 (the "Class Period"). The case, Mikhlin v. Oasmia Pharmaceutical AB, No. 1:19-cv-04349 was filed on July 29, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Oasmia engaged in improper relatedparty transactions with Alceco International S.A. and Ardenia Investment LTD, which were controlled by Defendant Aleksov and his former father-in-law; (2) due to those transactions, millions of Swedish kronor were not accounted for in Oasmia's books; (3) transactions concerning Oasmia's patents were also "carried out in a doubtful way;" and (4) as a result of the aforementioned misconduct, defendants' statements about Oasmia's business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Specifically, on June 28, 2019, Oasmia issued a press release that stated it was reporting suspicious transactions made between Oasmia and Alceco and Ardenia to the Swedish Economic Crime Authority and appointing a special examiner to review them.
On this news, Oasmia's stock price fell from $1.34 on June 27, 2019 to $1.02 on June 28, 2019-a $0.32 or a 23.88% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Oasmia's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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