Fla. Biotech Co.'s Misleading IPO Hurt Investors, Suit Says

By Nathan Hale (September 14, 2021, 7:49 PM EDT) -- A biotechnology company cofounded by one of South Florida's most prominent real estate developers has been hit with a proposed securities class action claiming the company made false and misleading statements about a key product in the months leading up to and following its February initial stock offering.

Shareholder Jerald Vargas Malespin claims that Miami-based Longeveron Inc., which says on its website that it is developing cellular therapies to address certain age-related and life-threatening conditions, negligently prepared its stock offering documents and made materially misleading statements or omissions regarding its lead investigational product, Lomecel-B, as well as its business operations and...

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