NEW YORK, Aug. 1, 2014 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP, announces that a class action lawsuit has been commenced in the United States District Court for the District of Nevada on behalf of purchasers of Galectin Therapeutics, Inc. ("Galectin" or the "Company") (Nasdaq:GALT) securities between January 6, 2014 through July 28, 2014, inclusive (the "Class Period").
During the class period, Galectin issued false and misleading statements which failed to disclose that Galectin utilized paid promoters to issue misleading statements about the Company's prospects, particularly with regard to the its leading product candidate GR-MD-02. Galectin's stock price declined dramatically following a series of articles accusing the Company of improper conduct in connection with promotion of its experimental drug. Galectin closed at $5.70 per share on July 29, 2014, a decline of $8.84, erasing close to $200 million in market capitalization.
If you purchased Galectin Therapeutics common stock during the Class Period, you may move to be appointed as lead plaintiff by September 20, 2014. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Wolf Haldenstein, or other counsel of your choice, to serve as your counsel in this action.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has over 70 attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the "Galectin litigation."
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