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Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Oasmia Pharmaceutical AB

973 Days ago

LOS ANGELES, Sept. 23, 2019 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming September 27, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of Oasmia Pharmaceutical AB (“Oasmia” or the “Company”) (NASDAQ: OASM) investors who purchased securities between October 23, 2015 and July 9, 2019, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.

On June 28, 2019, the Company disclosed that it had reported certain suspicious transactions made between Oasmia and Alceco International S.A. (“Alceco”) and Ardenia Investments Ltd (“Ardenia”) to the Swedish Economic Crime Authority. Alceco and Ardenia are controlled by the former executive chairman, Julian Aleksov, and his former father-in-law, Bo Cederstrand, who had been a director of the Company. Oasmia further stated that certain transactions regarding its patents “have been carried out in a doubtful way.”

On this news, shares of Oasmia fell $0.319 per share, or almost 24%, to close at $1.021 per share on June 28, 2019, thereby injuring investors.

Then, on July 9, 2019, the Company announced that it had ended its “engagement and cooperation” with Julian Aleksov due to the suspicious transactions.

On this news, shares of Oasmia fell $0.34 per share, or over 13%, to close at $2.26 per share on July 10, 2019, thereby injuring investors further.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Oasmia engaged in improper related-party transactions with Alceco and Ardenia, which were controlled by Aleksov and his former father-in-law; (2) that due to those transactions, millions of Swedish kronor were not accounted for in Oasmia’s books; (3) that transactions concerning Oasmia’s patents were also “carried out in a doubtful way”; and (4) that 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.

Follow us for updates on Twitter: twitter.com/GPM_LLP.

If you purchased or otherwise acquired Oasmia securities during the Class Period you may move the Court no later than September 27, 2019 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.  If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224

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