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Case ID: 3549 | Stocks | 07/13/2004
Several class actions have been filed against biopharmaceutical company IntraBiotics Pharmaceuticals, Inc., (Nasdaq:IBPI) and certain of its officers and directors by stockholders who purchased the company's common stock between September 5, 2003, and June 22, 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.
Also included in the lawsuit are all those who acquired IntraBiotics' shares in its offerings on October 10, 2003, and May 5, 2004. Current and former employees who purchased stock through IntraBiotics' Retirement Savings Plans during the applicable period are also included. The complaint alleges that IntraBiotics issued materially false statements concerning the company's drug iseganan. Specifically, the defendants failed to disclose: (1) that iseganan was not safe and well-tolerated at therapeutically relevant doses when administered by mouth; (2) that the drug is linked to a higher rate of ventilator-associated pneumonia (VAP) and mortality as compared to a placebo; (3) that despite knowing and/or recklessly disregarding these facts, the defendants nevertheless raised capital through offerings of its common stock in order to portray to the market that iseganan was a viable product on the "fast track" to FDA approval; and (4) that as a result of these problems, the defendants’ statements concerning iseganan lacked any reasonable basis. On June 23, 2004, IntraBiotics announced that an independent data monitoring committee recommended that it discontinue its pivotal trial of iseganan for the prevention of VAP based on an interim analysis of the data. On this news, IntraBiotics fell $9.45 per share or 69%, to close at $4.23 per share. If iseganan proved to be a viable therapy, IntraBiotics would occupy a crucial position in the biopharmaceutical market-- VAP is a bacterial pneumonia that can develop in patients receiving mechanical ventilation and is a common infection occurring in patients in intensive care units. Preventing VAP would reduce the need for antibiotics and curb subsequent emergence of antibiotic resistant bacterial strains. There are currently no products approved by the FDA for the prevention of VAP. If you purchased securities issued by IntraBiotics during the applicable period, you may request appointment by the court as a lead plaintiff if you do so by August 31, 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 A class action has been filed against Staar Surgical Company, a California based developer, manufacturer and global distributor of medical devices for use in cataract, refractive and glaucoma surgery, (NASDAQ: STAA) and certain of its officers and directors by stockholders who purchased the company’s common stock between April 3, 2003 and January 6, 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. Kahn Gauthier Swick, LLC (“KGS”) announces that it has filed suit against Xinhua Finance Media Ltd. ("Xinhua" or the "Company") (NasdaqNM:XFML), in the United States District Court for the District of New York, on behalf of shareholders who purchased shares of the Company in connection with its $300 million Initial Public Offering (“IPO”) on or about March 9, 2007 or thereafter in the open market. KGS has expanded the lawsuit’s defendants beyond the Company and its underwriters, to now include additional officers and directors, including Graham Earnshaw, Aloysius T. Lawn, John H. Springer, Zhoa Li, Long Qiu Yun and Zhu Shan. Xinhua, the underwriters and these additional defendants are charged with including false and misleading statements in the Registration Statement and Proxy-Prospectus issued in connection with the IPO in direct violation of the Securities Act of 1933. A class action has been filed against Baxter International, Inc., a global health care products maker, (NYSE: BAX) and certain of its officers and directors by stockholders who purchased the company’s common stock between April 19, 2001 and July 21, 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. Kahn Gauthier Swick, LLC ("KGS") announces that shareholders of Jones Soda Company ("Jones Soda" or the “Company”) (Nasdaq:JSDA) who purchased shares of the Company between March 9, 2007 and August 2, 2007 (the "Class Period"), have until November 5, 2007 to move for appointment as Lead Plaintiff in a securities class action lawsuit currently pending in the United States District Court for the Western District of Washington. No class has yet been certified in this action. A class action has been filed in the District Court of Maryland against RS Diversified Growth Fund, et al and certain of its officers and directors by stockholders who purchased the company’s common stock between October 6, 1999 and October 5, 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 in the Eastern District Court of Pennsylvania against John F. Donahue and others for violations of the Investment Company Act. Class members seek compensatory damages, disgorgement of the fees paid to the investment advisors and punitive damages. |
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