Investigation
BioXcel Therapeutics, Inc. (BTAI)
Confidential investigation: officers & directors’ potential breach of fiduciary duties to investors.
Menu
Investigation
05/28/2021
Initial Lawsuit
05/28/2021
Lawsuit Progression
09/17/2021
This is a federal securities class action on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Virgin Galactic securities between October 26, 2019 and April 30, 2021, both dates inclusive.
According to the complaint, 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 allegedly failed to disclose to investors that:
(i) for accounting purposes, SCH’s warrants were required to be treated as liabilities rather than equities;
(ii) Virgin Galactic had deficient disclosure controls and procedures and internal control over financial reporting;
(iii) as a result, the Company improperly accounted for SCH warrants that were outstanding at the time of the Business Combination; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Confidential investigation: officers & directors’ potential breach of fiduciary duties to investors.