Step 1
Unite with Fellow Investors
Step 2
Choose the Best Attorney
Step 3
Provide Documents
Step 4
Follow Case Progress
Step 5
Get Payout
BLRX.US
id: 551
BioLineRx Underpriced $15 mn SPO Case
D. New Jersey
Court23-CV-00041
Case number06 Mar 2023
Lead Plaintiff motion deadlineOn September 19, 2022, BioLineRx (NASDAQ: BLRX) issued a press release that stated, it had “entered into definitive agreements with several institutional investors for the issuance and sale in a registered direct offering of 13,636,365 of the Company’s American Depositary Shares (ADSs) and warranted to purchase up to an aggregate of 13,636,365 ADSs, at a combined purchase price of $1.10 per ADS and associated warrant..”
The press release also disclosed that "BioLineRx intends to use the net proceeds to facilitate the commercial launch of Motixafortide in autologous stem cell mobilization for multiple myeloma patients and general corporate purposes, which may include working capital and funding clinical trials.”
On this news, BioLine’s ADS dropped 33%, seriously damaging investors.
Taking all representations and financing decisions into account, Investors have grounds to suspect the Company and its Leaders failed to disclose material facts that consequently lead to shareholdings value depreciations:
- the Company was not well financed to develop Motixafortide while at the same time advancing other pipeline programs;
- 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.
Case Status
Motion to dismiss
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Price manipulation,
Malpractice,
Negligence,
Breach of Fiduciary duty,
Omissions
Suspected Party
Directors,
Management,
Shareholder,
Investment Bank,
Service Provider
Security Type
Depository Securities (ADS, ADR, GDR)
Trade Direction
Long
Shock Event Date
19 September 2022
Filing date
05 January 2023
Lead Plaintiff Deadline
06 March 2023
Judge
Hon. Brian R. Martinotti