Cases
Abeona Therapeutics, Inc. f/k/a Plasmatech Biopharmaceuticals, Inc. (NASDAQ: ABEO)
Securities Class Action
Overview
Overview
- Date:
- 12/19/2016
- Company Name:
- Abeona Therapeutics, Inc.
- Stock Symbol:
- ABEO
- Class Period:
- FROM 3/31/2015 TO 12/9/2016
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Southern District of New York
NEW YORK, December 19, 2016 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the New York Southern District Court on behalf of all persons or entities who acquired the Abeona Therapeutics, Inc. (NASDAQ: ABEO) securities between March 31, 2015 to December 9, 2016 (the “Class Period”).
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose that: (1) Abeona's science in its proposed gene therapy treatment for Sanfilippo syndrome is unviable; (2) Abeona's Executive Chairman and Principal Executive Officer, Steven H. Rouhandeh, was previously convicted of securities fraud and involved in manipulating biotech stocks while working in an upper level position for a biotech company; and (3) consequently, Abeona's statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On December 12, 2016, Mako Research reported on SeekingAlpha.com that "ABEO science is demonstrably unviable with numerous irrefutable flaws that will lead to failure." Mako Research also revealed that Steven H. Rouhandeh, Abeona's Executive Chairman and Principal Executive Officer, was a former managing director at D. Blech & Co. brokerage firm, which was the subject of a SEC investigation in the 1990s, and a securities class action that reached $15 million settlement for investors, based on allegations that D. Blech & Co artificially manipulated the price of various biotech stocks and maintained the market price of the biotech stocks to keep its company's interest in the stocks afloat. Following this news, Abeona stock dropped $0.70 per share to close at $4.45 per share on December 12, 2016.
If you acquired Abeona securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose that: (1) Abeona's science in its proposed gene therapy treatment for Sanfilippo syndrome is unviable; (2) Abeona's Executive Chairman and Principal Executive Officer, Steven H. Rouhandeh, was previously convicted of securities fraud and involved in manipulating biotech stocks while working in an upper level position for a biotech company; and (3) consequently, Abeona's statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On December 12, 2016, Mako Research reported on SeekingAlpha.com that "ABEO science is demonstrably unviable with numerous irrefutable flaws that will lead to failure." Mako Research also revealed that Steven H. Rouhandeh, Abeona's Executive Chairman and Principal Executive Officer, was a former managing director at D. Blech & Co. brokerage firm, which was the subject of a SEC investigation in the 1990s, and a securities class action that reached $15 million settlement for investors, based on allegations that D. Blech & Co artificially manipulated the price of various biotech stocks and maintained the market price of the biotech stocks to keep its company's interest in the stocks afloat. Following this news, Abeona stock dropped $0.70 per share to close at $4.45 per share on December 12, 2016.
If you acquired Abeona securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.