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Case ID: 4210 | Stocks | 02/02/2006
A class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of persons who acquired the common stock of EPIX Pharmaceuticals, Inc. ("EPIX" or "Company"), between July 10, 2003 and January 14, 2005, inclusive (the "Class Period").
The Complaint alleges that EPIX and certain of its officers and directors violated the federal securities laws by issuing materially false and misleading statements concerning the Company's financial results and business condition while failing to disclose material adverse facts concerning its New Drug Application ("NDA") for MS-325, its principal product under development, including (1) that non-contrast MRA comparator scans used in the Phase III trials varied significantly which caused the efficacy of MS-325 to be compromised; (2) that the Company's Phase III trials generated a large number of uninterpretable images, which caused the efficacy of MS-325 to be compromised; (3) that problems described above resulted in varying and questionable statical treatments of the images seen during the Phase III trial; and (4) consequently, approval of the NDA for MS-325 by the U.S. Food and Drug Administration (the "FDA") was highly unlikely. On January 14, 2005, EPIX announced that the FDA had completed its review of the NDA for MS-325, and found it to be approvable. However, in the approvable letter, the FDA requested additional clinical studies to demonstrate efficacy prior to approval. As a result of this announcement, shares of EPIX fell $3.98 per share or 27.17%, to close at $10.67 per share on unusually high trading volume. If you are a member of the class as described in this story, you may call toll free 1-866-467-1400 to speak to a lawyer now, or you may make a claim on this page. 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 Kahn Gauthier Swick, LLC ("KGS") announces that shareholders of Limelight Networks, Inc. ("Limelight" or the “Company”) (Nasdaq:LLNW) who purchased shares of the Company in connection with its June 8, 2007 Initial Public Offering ("IPO") or who purchased shares thereafter in the open market, have until October 12, 2007 to move for appointment as Lead Plaintiff in a securities class action lawsuit currently pending in the United States District Court for the Southern District of New York. No class has yet been certified in this action. Several class actions have been filed against soil contamination remediator Bennett Environmental, Inc., (AMEX:BEL; TSX:BEV) and certain of its officers and directors by American and Canadian stockholders who purchased the company's common stock between June 2, 2003, and July 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. A class action has been filed in the Northern District Court of Illinois against Office Max Inc, (NYSE:OMX) a multinational contract and retail distributor of office supplies, paper, technology products and office furniture, and certain of its officers and directors by stockholders who purchased the company's common stock between November 9, 2004 and January 11, 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. Mel McLean, owner of the Eel River Sawmills, and his wife Grace, had no children around 1988 when they created an Employee Stock Ownership Plan, according to background information in the lawsuit’s fourth amended complaint. The McLeans intended and promised to pass the majority ownership of Eel River Sawmills to its employees through the plan, the lawsuit stated.
“If the promise had been kept, the employees would have had a majority ownership of the company and the dollar value of the company at the time of (owner Mel McLean’s) death appears to have been well in excess of $25 million,” the attorney for the plaintiffs said. A class action has been filed against British vaccine manufacturer Chiron Corporation (Nasdaq: CHIR) and certain of its officers and directors by stockholders who purchased the company’s common stock between July 23, 2003 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. Several class actions have been filed against wireless telecommunications manufacturer Superconductor Technologies, Inc. (Nasdaq:SCON) and certain of its officers and directors by stockholders who purchased the company's common stock between January 9, 2004, and March 1, 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. |
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