NEW YORK, 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.
On 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 $1.63 on March 19, 2013.
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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 rgonnello@faruqilaw.com or fmcconville@faruqilaw.com. 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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FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Francis McConville, Esq.
fmcconville@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
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