San Diego, CA -- (ReleaseWire) -- 01/28/2014 -- An investigation on behalf of investors of Cleveland BioLabs, Inc. (NASDAQ:CBLI) shares over potential securities laws violations by Cleveland BioLabs. and certain of its directors and officers in connection certain financial statements was announced .
Investors who purchased shares of Cleveland BioLabs, Inc. (NASDAQ:CBLI) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Cleveland BioLabs, Inc. (NASDAQ:CBLI) concerning whether a series of statements by Cleveland BioLabs, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Cleveland BioLabs, Inc. reported that its annual Total Revenue declined from $8.79 million in 2011 to $3.57 million in 2012 and that its Net Loss increased from $4.01 million in 2011 to $18.23 million in 2012.
Shares of Cleveland BioLabs, Inc. (NASDAQ:CBLI) declined from $8.24 per share in April 2011 to under $1 per sahare in late 2013.
The investigation focuses on certain statements contained in the Registration Statement issued in connection with Cleveland BioLabs, Inc’s January 14, 2014, public securities offering, related to funding from the Biomedical Advanced Research Development Authority.
On Jan. 14, 2014 Cleveland BioLabs, Inc. announced that it has entered into definitive agreements with two institutional investors to purchase an aggregate of $7 million of its common stock in an at-the-market registered direct offering at $1.22 per share. Cleveland BioLabs, Inc. said that additionally, for each share of common stock purchased, investors will receive a Series A Warrant to purchase one-half of a share of our common stock at an exercise price of $1.22 per share, which shall be initially exercisable six months following issuance and expire five years from the date of issuance, and a Series B Warrant to purchase one-half of a share of our common stock at an exercise price of $1.22 per share, which shall be initially exercisable six months following issuance and expire 18 months from the date of issuance and that the closing of the offering is expected to take place on or about January 16, 2014, subject to the satisfaction of customary closing conditions.
Then on Jan. 23, 2014, Cleveland BioLabs, Inc. announced that the Biomedical Advanced Research and Development Authority has terminated negotiations related to the Company's proposal for further development of Entolimod as a medical radiation countermeasure, noting that all such negotiations are subject to the availability of funds.
Shares of Cleveland BioLabs, Inc. declined from $$1.15 per share on January 22, 2014, to $0.68 per share on January 27, 2014.
Those who purchased shares of Cleveland BioLabs, Inc. (NASDAQ:CBLI), have certain options and should contact the Shareholders Foundation.
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