Oasmia Pharmaceutical AB – Class Action Filed Against OASM
A class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of all investors that purchased Oasmia Pharmaceutical AB (“Oasmia” or the “Company”) (NasdaqCM: OASM) securities between October 23, 2015 and July 9, 2019 (the “Class Period”).
Investors of the securities of Oasmia Pharmaceutical AB are encouraged to click Join a Securities Class Action to participate in the lawsuit or contact either John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected], or Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], to learn more about the class action lawsuit or potential legal claims.
Investors have until September 27, 2019 to move the Court to be appointed lead plaintiff in the class action lawsuit.
According to the class action complaint, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Oasmia engaged in improper related-party 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.
According to the complaint, on June 28, 2019, Oasmia issued a press release that stated it was reporting suspicious transactions made between Oasmia and related partners Alceco and Ardenia to the Swedish Economic Crime Authority and appointing a special examiner to review them.
On this news, shares of Oasmia fell $0.319 per share, or approximately 24%, to close at $1.021 per share on June 28, 2019, damaging investors.
On July 9, 2019, after the close of the market, Oasmia issued another press release that stated it had ended its relationship with former executive chairmen Julian Aleksov because of the transactions mentioned in Oasmia’s June 28, 2019 press release.
On this news, shares of Oasmia fell $0.34, or more than 13%, to close at $2.26 per share on July 10, 2019, further damaging investors.
Kehoe Law Firm, P.C.
