Lieff Cabraser Announces Class Action Litigation Against Star Scientific, Inc.
Lieff Cabraser Announces Class Action Litigation Against Star Scientific, Inc. Business Wire SAN FRANCISCO -- April 24, 2013 The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of all persons who purchased or otherwise acquired the securities of Star Scientific, Inc. (“Star Scientific” or the “Company”) (NasdaqGM: STSI) between October 31, 2011 and March 18, 2013, inclusive (the “Class Period”). If you purchased or otherwise acquired Star Scientific securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than May 24, 2013. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action. Star Scientific investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Douglas I. Cuthbertson of Lieff Cabraser toll-free at 1 (800) 541-7358. Background on the Star Scientific Securities Class Litigation Star Scientific offers products that assist in maintaining a healthy metabolism and lifestyle. Through the Company's wholly owned subsidiary, Rock Creek Pharmaceuticals, Star Scientific engages in the development, manufacture, sale, and marketing of several dietary supplements designed to promote the maintenance of a healthy metabolism. 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 allegedly made false and/or misleading statements and/or failed to disclose that Star Scientific engaged in potentially illegal transactions involving certain private placements and related party transactions since 2006 involving the Company’ securities. On January 23, 2013, The Street published an article alleging that the Company misled investors regarding John Hopkins University’s involvement in Star Scientific’s clinical testing of its retail nutritional supplement Anatabine. On this news, Star Scientific shares fell $0.31 per share, or nearly 12%, to close at $2.44 per share. In January and February 2013, the US Attorney’s office issued subpoenas to the Company, 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. The Company further announced that it was conducting its own internal investigation regarding these transactions. On this news Star Scientific shares dropped $0.35 per share or nearly 18% to $1.63 on March 19, 2013. About Lieff Cabraser Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Since 2003, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs’ law firms in the nation. In compiling the list, the National Law Journal examined recent verdicts and settlements in addition to overall track records. Lieff Cabraser is one of only two plaintiffs’ law firms in the United States to receive this honor for the last ten consecutive years. For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. Contact: Lieff Cabraser Heimann & Bernstein, LLP Douglas I. Cuthbertson, 800-541-7358