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Case ID: 2623 | Stocks | 12/29/2004
A class action has been filed against Noven Pharmaceuticals, Inc. (Nasdaq: NOVN) and certain of its officers and directors by stockholders who purchased the company's common stock between October 29, 2001, and April 28, 2003. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock.
Noven is currently developing a methylphenidate transdermal drug delivery system for attention-deficit/hyperactivity disorder (ADHD) called MethyPatch. During the time period involved, Noven was engaged in the development and testing of MethyPatch. Noven began screening and enrollment for a repetition of a Phase III clinical study of the drug on October 29, 2001. The action alleges that the defendants' false and misleading statements regarding the rationale and marketing strategies for approval of MethyPatch permitted Noven to artificially inflate the value of its technology to shareholders and thereby minimize the impact of financial uncertainties relating to serious marketed product issues during this time period. Moreover, this conduct allegedly allowed the defendants to reap bonuses and insider trading proceeds. The true facts, the stockholders claim, were as follows: 1. MethyPatch did not possess the safety and efficacy of immediate-release oral methylphenidate products. 2. The utility and advantages for MethyPatch had been misrepresented by pointing to unmet needs and product advantages that did not and would not exist by the time Noven expected New Drug Application (NDA) approval. 3. The Food and Drug Administration was aware of the reasons why MethyPatch would not be considered as safe or efficacious as Noven had claimed. 4. Transdermal drug delivery systems have been the source of serious medication errors that would complicate the product's contemplated use. 5. For one or more reasons related to the safety or efficacy of the product, the MethyPatch NDA submitted on June 27, 2002, would not be "approvable" as submitted. As a result of the defendants' allegedly false and misleading statements, Noven's stock traded at inflated prices during the time period, increasing to as high as $27.45 on June 17, 2002, whereby the company's top officers and directors reaped bonuses and insider trading proceeds, selling more than $500,000 worth of their own shares. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest A class action has been filed against online trader Ameritrade, as well as the American Stock Exchange and certain Amex specialist firms on behalf of investors who sought to execute direct access limit orders to buy or sell options listed at the American Stock Exchange by certain specialist firms and who were wrongfully refused executions and suffered damages between April 2, 2001 and December 3, 2004 inclusive (the "Class Period"). A class action has been filed against Elan Corporation, PLC (NYSE:ELN), certain of its officers and directors by stockholders who purchased the company's common stock between February 18, 2004 and February 25, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against telecommunications provider Team Telecom International, LTD. (Nasdaq: TTIL) and certain of its officers and directors by stockholders who purchased the company’s common stock between May 15, 2001 and November 14 2002. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company’s securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. Several class actions have been filed against storage software designer Veritas Software Corporation (Nasdaq:VRTS) and certain of its officers and directors by stockholders who purchased the company's common stock between April 21, 2004, and July 6, 2004. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. A class action has been filed against Collins & Aikman Corp. (NYSE:CKC), certain of its officers and directors by stockholders who purchased the company's common stock between May 06, 2004 and March 17, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A nationwide class action has been filed against banking giant Bank One Corporation alleging that the company mismanaged its employees' 401k accounts. The action is brought under the federal ERISA statute on behalf of all Bank One employees who, between March 22, 2002, and the present, participated in the company's 401k retirement plan and whose investments in the plan included Bank One stock or mutual funds.
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