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March 29, 2013 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Star Scientific, Inc. ("Star Scientific" or the "Company") (NasdaqGM: STSI).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that the Company engaged in potentially illegal transactions involving certain private placements and related party transactions since 2006 involving Star Scientific securities.
January 23, 2013, financial news website
TheStreet.com published an article refuting claims that STSI was conducting clinical trials with
Johns Hopkins. On this news, Star Scientific shares declined
$0.31 per share or nearly 12%, to close at
$2.44 per share.
In January and
February 2013 the Company received subpoenas from the US Attorney's office investigating transactions in the Company's securities, including related party transactions, dating back to 2006. On
March 18, 2013, the Company disclosed this investigation to investors, announcing that the Company and its directors had received subpoenas from the US Attorney's office. The Company also announced that it was conducting an internal investigation regarding these transactions.
On this news Star Scientific shares declined
$0.35 per share or nearly 18% to
March 19, 2013.
Request more information now by clicking here: www.faruqilaw.com/STSI. There is no cost or obligation to you.Take Action
If you invested in Star Scientific stock or options between
October 31, 2011 and
March 18, 2013 and would like to discuss your legal rights, visit
www.faruqilaw.com/STSI. You can also contact us by calling
Richard Gonnello or
Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to
firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Star Scientific's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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