Oasmia Pharmaceutical AB (OASM)

DEFENDANT NAME: Oasmia Pharmaceutical AB
CASE NUMBER: 1:19-cv-04349-NGG-RER
CASE NAME: Mikhlin v. Oasmia Pharmaceutical AB, et al.
COURT: U.S. District Court for the Southern District of New York
PRACTICE AREA: Investor Fraud
STATUS: Active
CLASS PERIOD: 10/23/15 - 10/14/19
DATE FILED: 07/29/19
844-916-0895 [email protected]

This is a securities class action on behalf of investors who purchased the American Depositary Shares (“ADSs”) of Oasmia Pharmaceutical AB (“Oasmia” or the “Company”) from October 23, 2015 through October 14, 2019 (the “Class Period”), seeking to recover damages caused by Oasmia’s and certain of its officers’ and directors’ violations of the Securities Exchange Act of 1934 (the “Exchange Act”).

Oasmia, a Swedish development-stage biotechnology company, repeatedly represented to investors in public filings that it had disclosed all related-party transactions and deficiencies in its internal controls, that it had regularly sold convertible bonds in above-board transactions, and that it had access to a credit line from Julian Aleksov, Oasmia’s CEO, and Bo Cederstrand, Aleksov’s relative.  The operative complaint alleges that, aided by a compliant and reckless board, Aleksov and Cederstrand had raided Oasmia’s coffers since at least 2008 through a series of undisclosed off-the-books related-party transactions and outright theft. 

When a large investor sought to replace Oasmia’s compliant board, Oasmia’s then-board fought a protracted proxy battle. The complaint alleges that facts revealed in this proxy battle caused Oasmia’s stock price to fall, but Oasmia’s then-board ultimately lost the battle. The complaint alleges that new management discovered and announced old management’s wrongdoing, causing further stock prices. Aided by a report commissioned by a Big 4 audit firm, new management then concluded and announced that old management had defrauded investors and the public markets for the entirety of the Class Period.   This suit seeks to vindicate Oasmia investors’ rights and recover their substantial investment losses.  

On October 21, 2019, the court appointed a group of individual investors as Lead Plaintiffs and approved their selection of Hagens Berman to serve as Co-Lead Counsel for the Class.

On November 14, 2019, Lead Plaintiffs filed their Amended Class Action Complaint for Violations of the Federal Securities Laws.

Secure Investor Fraud Tip Line
Hagens Berman fights for the rights of the underdog – those vulnerable to corporate negligence and fraud. We count on like-minded individuals such as former employees, whistleblowers and others, to come forward with information about widespread deceit, including securities fraud.

If you believe you have witnessed or have information regarding the alleged wrongdoing at Oasmia described above, please contact our secure tip line or email [email protected] to submit information. You may also speak to an attorney by calling our secure investor fraud tip line: 1-844-916-0895.

Hagens Berman is one of the country’s leading securities litigation law firms and is presently leading and investigating nationwide securities and derivative cases against some of the largest U.S. and international corporations for securities fraud, false and misleading statements, and/or Director waste, breach of fiduciary duty, or other malfeasance.  Our Firm’s independent research outpaces even government agencies, and we are the only firm dedicating its own resources to uncovering new instances of fraud.  Hagens Berman has also taken on corporations on behalf of investors throughout the United States for misleading or harming investors, and your claim will be handled by attorneys experienced in securities litigation.

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11/14/19: Amended Class Action Complaint Filed

Co-Lead Plaintiffs filed their amended class action complaint.

10/21/19: Appointed Co-Lead Counsel

Hagens Berman has been appointed Co-Lead Counsel in the securities class-action lawsuit agains Oasmia Pharmaceutial AB.

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