LOS ANGELES–(BUSINESS WIRE)–$STOCKS—The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired BioLineRx Ltd. (“BioLine” or the “Company”) (NASDAQ: BLRX) American Depositary Shares (“ADSs”) between February 23, 2021 and September 19, 2022, inclusive (the “Class Period”). BioLine investors have until March 6, 2023 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On September 15, 2022, BioLine announced that Kreos Capital VII Aggregator SCSP will provide the Company with term loans in an aggregate principal amount of up to $40 million.
On September 19, 2022, BioLine announced a registered direct offering of approximately 14 million ADSs and warrants to purchase ADSs for a combined price of $1.10 per ADS and associated warrant.
On this news, the Company’s share price fell 33% to close at $1.02 per share on September 19, 2022.
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 that: (1) the Company was not well financed to develop Motixafortide while at the same time advancing other pipeline programs; (2) BioLine would require a loan from Kreos Capital VII Aggregator SCSP in an aggregate principal amount of up to $40 million and then also would require a $15M securities offering to facilitate the commercial launch of Motixafortide; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased BioLine securities during the Class Period, you may move the Court no later than March 6, 2023 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased BioLine securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com
