Kitov Pharmaceuticals Holdings Ltd.
Class Period: Nov 15, 2015 to Feb 3, 2017
Lead Plaintiff Deadline: Apr 7, 2017
Summary of Case:
A securities class action has been filed against Kitov Pharmaceuticals Holdings Ltd. (Nasdaq:KTOV) on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Kitov American Depositary Receipts ("ADRs") pursuant and/or tradeable to the Company's initial public offering on or about November 20, 2015 (the "IPO") and/or on the open market between November 20, 2015 through February 3, 2017. This case has been filed in the USDC - Southern District of New York.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company and its Chief Executive Officer ("CEO") Isaac Israel published misleading information concerning the conduct of the Company's clinical trials for its lead drug candidate KIT-302; and (ii) as a result of the foregoing, Kitov's public statements were materially false and misleading at all relevant times.
On February 6, 2017, the Israeli publication Calcalist reported that Kitov's CEO Isaac Israel had been detained and questioned by the Israeli Securities Authority ("ISA") on suspicion of publishing misleading information in connection with a clinical trial of KIT-302.49803V107.
On this news, Kitov's ADR price fell $0.33, or 11.46%, to close at $2.55 on February 6, 2017.
On February 7, 2017, the NASDAQ halted trading of Kitov's ADRs. That same day, Kitov issued a news release, formally advising investors of the ISA's investigation into the Company's public disclosures regarding KIT-302.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.