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Oasmia Pharmaceutical AB

Company NameOasmia Pharmaceutical AB
Stock SymbolOASM
Class PeriodOctober 23, 2015 to July 09, 2019
Lead Plaintiff Motion DeadlineSeptember 27, 2019

On June 28, 2019, the Company disclosed that it had reported certain suspicious transactions made between Oasmia and Alceco International S.A. (“Alceco”) and Ardenia Investments Ltd (“Ardenia”) to the Swedish Economic Crime Authority. Alceco and Ardenia are controlled by the former executive chairman, Julian Aleksov, and his former father-in-law, Bo Cederstrand, who had been a director of the Company. Oasmia further stated that certain transactions regarding its patents “have been carried out in a doubtful way.”

On this news, shares of Oasmia fell $0.319 per share, or almost 24%, to close at $1.021 per share on June 28, 2019, thereby injuring investors.

Then, on July 9, 2019, the Company announced that it had ended its “engagement and cooperation” with Julian Aleksov due to the suspicious transactions.

On this news, shares of Oasmia fell $0.34 per share, or over 13%, to close at $2.26 per share on July 10, 2019, thereby injuring investors further.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Oasmia engaged in improper related-party transactions with Alceco and Ardenia, which were controlled by Aleksov and his former father-in-law; (2) that due to those transactions, millions of Swedish kronor were not accounted for in Oasmia’s books; (3) that transactions concerning Oasmia’s patents were also “carried out in a doubtful way;” and (4) that as a result of the aforementioned misconduct, defendants’ statements about Oasmia’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times.

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