|
Search
Search through the thousands of lawsuits, complaints and recalls on our site.
 |
Case ID: 3498 | Stocks | 06/22/2004
Several class actions have been filed against pharmaceutical research company Vicuron Pharmaceuticals, Inc., (Nasdaq:MICU) and certain of its officers and directors by stockholders who purchased the company's common stock between January 6, 2003, and May 24, 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. The stockholders seek to recover compensatory damages for the loss of value of their stock.
The action alleges that, during the applicable period, the defendants artificially inflated the price of Vicuron stock by concealing negative material information concerning both the safety and efficacy of Anidulafungin, Vicuron's intravenous treatment of fungal infections. Anidulafungin is currently in late-stage clinical trials for the treatment of esophageal candidiasis, invasive aspergillosis, and invasive candidiasis/candidemia. Candidiasis/candidemia is the most common hospital-based fungal infection, and is often deadly to patients who contract it. The action alleges that the defendants consistently downplayed the fact that Anidulafungin only performs as effectively as fluconazole, the standard therapy used for hospital-based fungal infections. In fact, clinical data allegedly undermined Anidulafungin’s chances of FDA approval, because relapse rates for esophageal candidiasis turned out to be higher when compared to fluconazole. The partial disclosure of the contents of an FDA letter, dated Monday, May 24, 2004, detailing the failure of Vicuron to supply data necessary to support its claim that Anidulafungin can be used to effectively treat esophageal candidasis, caused Vicuron shares to plummet $8.86 to $13.04, a loss of over 40% from the previous trading day and a loss of over 45% from its class period high of $23.90. If you purchased securities issued by Vicuron Pharmaceuticals during the applicable period, you may request appointment by the court as a lead plaintiff if you do so by August 14, 2004. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that your claim is typical of the claims of other class members, and that you will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiffs. Your ability to share in any recovery is not affected by the decision whether or not to serve as a lead plaintiff. You may retain any counsel of your choice to serve as you in this action, or you may choose to do nothing, and remain in the class as a silent member. 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 According to a law firm press release, the complaint alleges that defendants solicited investors to purchase shares of the Intermediate Fund by making statements in its registration statement and subsequent supplemental prospectuses that described the Fund's objective as one that "seeks a high level of current income while preserving principal by investing primarily in a diversified portfolio of debt securities with a dollar-weighted average maturity between three and ten years." Moreover, the registration statement represented that the investment objective of the Intermediate Fund was to invest "at least 80% of its total assets in debt instruments" and to invest in "debt instruments rated investment grade or better."
A class action has been filed against cancer information company IMPATH, Inc. (Nasdaq: IMPH) and certain of its officers and directors by stockholders who purchased the company's common stock between April 25, 2001, and July 29, 2003. Who will look out for stockholders if corporate executives and boards don’t? Several class actions have been filed against the directors of petroleum companies Pennzoil-Quaker State Company by stockholders who allege that the directors breached their fiduciary duties to them in agreeing to the 2002 Pennzoil-Quaker State and Shell Oil Company merger. A class action lawsuit has been filed in US District Court against insurance giant Chubb Corporation. The case involves violations of federal securities law. No additional information about the substance of the allegations is available at this time. Classactionamerica.com will monitor this case and provide additional details as soon as they become available. A class action has been filed in the Southern District Court of New York against Royal Group Technologies, Ltd, (NYSE: RYG) a global manufacturer of polymer-based home improvement, consumer and construction products, and certain of its officers and directors by stockholders who purchased the company's common stock between February 11, 2004 and October 13, 2004. 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 lawsuit has been filed against Investors Financial Services Corp. (IFIN), certain of its officers and directors by stockholders who purchased the company's common stock between October 15, 2003 and July 15, 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. |
IT'S FREE
|
© 2000 - 2008 Copyright. All rights reserved nola3, llc.
