Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against BioLineRx Ltd. (BLRX)
News provided byGlancy Prongay & Murray LLP
Jan 24, 2023, 1:00 PM ET
LOS ANGELES, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming March 6, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired BioLineRx Ltd. (“BioLine” or the “Company”) (NASDAQ: BLRX) American Depositary Shares (“ADSs”) between February 23, 2021 and September 19, 2022, inclusive (the “Class Period”).
If you suffered a loss on your BioLine investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/biolinerx-ltd/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at firstname.lastname@example.org to learn more about your rights.
On September 15, 2022, BioLine announced that Kreos Capital VII Aggregator SCSP will provide the Company with term loans in an aggregate principal amount of up to $40 million.
On September 19, 2022, BioLine announced a registered direct offering of approximately 14 million ADSs and warrants to purchase ADSs for a combined price of $1.10 per ADS and associated warrant.
On this news, the Company’s share price fell 33% to close at $1.02 per share on September 19, 2022.
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 that: (1) the Company was not well financed to develop Motixafortide while at the same time advancing other pipeline programs; (2) BioLine would require a loan from Kreos Capital VII Aggregator SCSP in an aggregate principal amount of up to $40 million and then also would require a $15M securities offering to facilitate the commercial launch of Motixafortide; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired BioLine ADSs during the Class Period, you may move the Court no later than March 6, 2023 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 Charles Linehan, 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 email@example.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.
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