Lieff Cabraser Announces Class Action Litigation Against Star Scientific,
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
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.
Lieff Cabraser Heimann & Bernstein, LLP
Douglas I. Cuthbertson, 800-541-7358
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