SAN DIEGO & UPPSALA, Sweden--(BUSINESS WIRE)--
Shareholder rights law firm Robbins Arroyo LLP announces that a purchaser of Oasmia Pharmaceutical AB (OASM) filed a class action complaint for alleged violations of the Securities Exchange Act of 1934 between October 23, 2015 and July 9, 2019. Oasmia develops, manufactures, markets, and sells drugs in the field of human and veterinary oncology.
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Oasmia Pharmaceutical Accused of Improper Related-Party Transactions
According to the complaint, in October 2015, Oasmia filed its preliminary prospectus with the SEC, which stated that it had no off-balance sheets or related-party transactions that could materially affect Oasmia's financial condition or operations. Included within the related-party transactions were Alceco International and Ardenia Investment LTD, two companies that were controlled by Oasmia's CEO, Julian Aleksov, and his former father-in-law. Oasmia continued to affirm these materially false and misleading statements in its later filings with the SEC; however, in reality, Oasmia was engaged in improper related-party transactions with Alceco and Ardenia, with millions of Swedish kronor unaccounted for in Oasmia's books. Then, on June 28, 2019, Oasmia issued a press release stating that it was reporting suspicious transactions between Oasmia, Alceco, and Ardenia found in its tax audit to the Swedish Economic Crime Authority. Then, on July 9, 2019, Oasmia announced that it terminated Julian Aleksov for his involvement with the suspicious transactions. As a result, Oasmia's stock has fallen almost 35% and currently trades at $1.70.
Oasmia Pharmaceutical AB (OASM) Shareholders Have Legal Options
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