The Shareholders Foundation announces that an investigation on behalf of investors of Prana Biotechnology Limited (ADR) (NASDAQ:PRAN) shares was launched over potential securities laws violations by Prana Biotechnology and certain of its directors and officers in connection certain financial statements.
Investors who purchased shares of Prana Biotechnology Limited (ADR) (NASDAQ:PRAN) have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Prana Biotechnology Limited (ADR) (NASDAQ:PRAN) concerning whether a series of statements by Prana Biotechnology Limited regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Prana Biotechnology Limited reported that its Total Revenue declined from $0.19 million for the 12 months period that ended on June 30, 2012 to $0.15 million for the 12 months period that ended on June 30, 2013 and that its respective Net Loss increased from $5.24 million to $7.79 million.
Shares of Prana Biotechnology Limited (ADR) (NASDAQ:PRAN) grew from $2.19 per share on February 22, 2013 to as high as $12.33 per share on January 30, 2014.
Then on March 31, 2014, Prana Biotechnology Limited announced results of Phase 2 IMAGINE trial of PBT2 in Alzheimer’s disease. Among other things, Prana Biotechnology Limited said that its PBT2 did not meet its primary endpoint of a statistically significant reduction in the levels of beta-amyloid plaques in the brains of prodromal/mild Alzheimer’s disease patients, as measured using PiB-PET Standardized Uptake Value Ratio (SUVR). Shares of Prana Biotechnology Limited dropped from $10.11 per share on March 28, 2014 to $3.05 per share on March 31, 2014 and continued to decline to as low as $1.47 per share on May 7, 2014.
On May 13, 2014, NASDAD:PRAN shares closed at $1.63 per share.
Those who purchased shares of Prana Biotechnology Limited (ADR) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego