Sign In
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
Court
23-CV-00041
Case number
06 Mar 2023
Lead Plaintiff motion deadline
On 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.
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
Collecting participants…

BioLineRx Ltd

BioLineRx Ltd., a pre-commercial-stage biopharmaceutical company, focuses on oncology. The company develops Motixafortide, a peptide, which has completed Phase 3 clinical trials for the treatment o...

    Ticker
    BLRX.US
    ISIN
    US09071M2052
    Sector
    Healthcare
    Industry
    Biotechnology
    Country
    USA
    Address
    Modi?in Technology Park, Hevel Modi'in, Israel, 7177871