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Case ID: 3709 | Stocks | 09/28/2004
A class action has been filed against Maxim Pharmaceuticals, Inc., a global biopharmaceuticals company (NASDAQ:MAXM) and certain of its officers and directors by stockholders who purchased the company’s common stock between November 11, 2002 and September 17, 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.
Specifically, the complaint alleges that during the Company artificially inflated the price of Maxim shares by issuing a series of false and misleading statements about the utility of Ceplene in the treatment of malignant melanoma. Despite expert review by the FDA and others of the dismal results of their failed Phase III trial, defendants sought to convince investors that Ceplene still held promise as a treatment for malignant melanoma. According to the complaint, the Company concealed: • reports of survival rates and the status of malignant melanoma patients treated with Ceplene; The complaint further alleges that disclosure of the negative results of the later clinical trial were delayed, which afforded insiders with knowledge of the undisclosed material information an opportunity for trading in Company securities. On September 19, 2004, the Company announced the failure of Ceplene to demonstrate an improvement in overall patient survival, the primary endpoint. Based on this disclosure, the stock imploded, closing the next trading day at $3.04, for a loss of $2.90 or 48.8% of its value, on volume of over 17 million 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 Several class actions have been filed against technology company Micromuse, Inc. (Nasdaq: MUSEE) and certain of its officers and directors by stockholders who purchased the company's common stock between January 20, 2000, and December 29, 2003. 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. Kahn Gauthier Swick, LLC ("KGS") announces that shareholders of Radian Group Inc. (“Radian” or the “Company”) (NYSE:RDN - News) who purchased securities of the Company between January 23, 2007 and July 31, 2007 (the "Class Period"), have until October 15, 2007 to move for appointment as Lead Plaintiff in a securities class action lawsuit currently pending in the United States District Court for the Eastern District of Pennsylvania. No class has yet been certified in this action. Several class actions have been filed against premium bulk wine supplier Golden State Vintners, Inc. (Nasdaq:VINT), and certain of its officers and directors by stockholders who purchased the company's common stock between December 23, 2003, and April 23, 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 Morgan Stanley Company, Incorporated, a global financial services company providing services on institutional securities, investment management, credit services and institutional securities, for allegedly violating the Fair Labor Standards Act (FLSA) by misclassifying employees as exempt and denying them overtime compensation, holding overtime compensation monies, and wrongfully deducting from the commissions of brokers. The current plaintiff is seeking to subdivide the class into four subclasses, expects the number of class members to total between 100 and 300 and seeks compensatory damages and restitution of all wages withheld. Investors in Trade Partners, Inc. Hold Macatawa Bank Corporation Accountable for Loss of Their Funds Viatical investments are a little-known corner of the modern investment world, and a bit on the strange side, as well. A nationwide class action has been filed against Michigan-based Macatawa Bank Corporation on behalf of persons who invested in the now-defunct viatical settlement company Trade Partners, Inc., alleging that the bank (1) acted as a fiduciary and escrow agent for the settlement company, and (2) breached its contracts with investors by failing to pay premiums on time, refusing to communicate with investors, and failing to alert investors of the impending collapse of Trade Partners.
A class action has been filed against biopharmaceutical company CV Therapeutics, Inc. (Nasdaq: CVTX) and certain of its officers and directors by stockholders who purchased the company's common stock between May 14 and August 1, 2003.
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