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Case ID: 4222 | Stocks | 03/14/2005
A class action has been filed against Axonyx Inc. (NasdaqSC:AXYX), and certain of its officers and directors by stockholders who purchased the company's common stock between June 26th, 2003 and February 4th, 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. Axonyx Inc. is engaged in the business of acquiring and developing novel post-discovery central nervous system drug candidates, primarily in areas of memory and cognition.
According to a press release dated February 15, 2005, a class action lawsuit was filed on behalf of all securities purchasers of Axonyx, Inc. The complaint charges Axonyx and certain of its officers with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company's only viable drug candidate, Phenserine, a acetylcholinesterase ("AChE") inhibitor, failed to curb symptoms of Alzheimer's disease; (2) that the Company knew or recklessly disregarded the fact that Phenserine failed to partially block the effects of AChE, an enzyme that breaks down a neurotransmitter in the brain important for memory and cognition; (3) that as a consequence of the foregoing, the Company would not be able to commercialize Phenserine, currently its only potential source of revenue; and (4) that as a result the Company's positive statements about the development and potential approval of Phenserine were lacking in all reasonable basis when made. Further, on or around February 7, 2005, Axonyx announced that Phenserine did not achieve significant efficacy in Phase III Alzheimer's Disease trial. The news shocked the market. As a result, shares of Axonyx fell $3.04 per share, or 62.68 percent, on February 7, 2005, to close at $1.81 per share. If you bought Axonyx Inc. securities between June 26th, 2003 and February 4th, 2005, inclusive, and would like to obtain information about the lawsuit, then you are invited to call (866) 467-1400 to speak with an attorney. 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 Catalina Marketing Corporation (NYSE: POS) and certain of its officers and directors by stockholders who purchased the company's common stock between January 17, 2002, and June 30, 2003. A class action has been filed in the Southern District Court of New York against GeoPharma, Inc. (NASDAQ: GORX) and certain of its officers and directors by stockholders who purchased the company's common stock from December 1, 2004 to December 2, 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. According to a law firm press release, a class action lawsuit was filed on May 30, 2008 against Tomo Therapy, Inc.
The complaint charges TomoTherapy and certain of its officers and directors with violations of the Securities Exchange Act of 1934. TomoTherapy develops, markets, and sells the Hi-Art system, a radiation therapy system for the treatment of various types of cancers.
A class action has been filed against Concord Camera Corporation, a worldwide designer, developer, manufacturer and seller of image capture products (NASDAQ: LENS) and certain of its officers and directors by stockholders who purchased the company’s common stock between August 14, 2003 and May, 10, 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. On July 23, 2003, the court granted final approval to the parties' $2 million settlement of several class actions filed against financial services company Towne Services, Inc. (formerly Nasdaq: TWNE) and certain of its officers and directors by stockholders who purchased the company's common stock between June 23 and October 13, 1999. To recover under the settlement, a completed proof of claim postmarked no later than September 15, 2003, must be mailed to the claims administrator. A class action has been filed against Federated Investors, Inc. (NYSE: FII) and certain of its affiliated companies by investors who purchased shares in any of Federated's mutual funds between November 1, 1998 and October 21, 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. |
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