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Case ID: 4258 | Stocks | 06/12/2006
A class action has been filed against Cell Therapeutics, Inc. (NasdaqNM:CTIC), certain of its officers and directors by stockholders who purchased the company's common stock between June 07, 2004 and March 04, 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.
Cell Therapeutics, Inc. (CTI) develops, acquires and commercializes treatments for cancer. The research and inlicensing activities are focused on identifying ways to treat cancer. According to a press release dated March 10, 2005, the complaint charges CTI and certain of its officers with violations of the Securities Exchange Act of 1934. 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 contrary to the defendant's express and repeated representations the results of STELLAR 3 trial were not encouraging; (2) that XYOTAX failed to boost survival for non-small cell lung cancer: (3) that XYOTAX failed to show greater survival benefit than Taxol, the leading drug on the market; and (4) that based on the results of the trial the Company would not be able to begin pre-launch activities and to position itself to submit a new drug application for XYOTAX. The complaint further alleges that on or around March 7, 2005, prior to the opening of the market, CTI announced that a phase III study of XYOTAX in combination with carboplatin, known as STELLAR 3, missed its primary endpoint. News of this shocked the market. Shares fell $4.75 per share or 47.5 percent, on March 7, 2005, to close at $5.25 per share, on unusually high volume. If you bought Cell Therapeutics, Inc. securities between June 07, 2004 and March 04, 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 direct-to-consumer specialty medical products provider PolyMedica Corporation (Nasdaq: PLMD) and certain of its officers and directors by stockholders who purchased the company's common stock between July 23, 2001, and June 30, 2003.
According to a press release dated April 16, 2008, the Complaint charges Harmony Gold and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Harmony Gold is a gold producer that operates 22 individual mines and projects across the world. 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 costs had significantly increased throughout 2007; (2) that the Company had underreported these increased costs in its previously issued financial statements; (3) that the Company had experienced a significant decrease in gold production for the third quarter 2007 due to production problems at various sites, which had already materialized at the time its Class Period statements were made; (4) that the Company had failed to disclose the full impact that these production problems would have on the Company's financial and operational results; (5) that, as a result of the Company's understatement of its costs and its lower production for the quarter, the Company had understated its operating costs and overstated its net profit for the third quarter; (6) that, as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times; (7) that the Company would be forced to take substantial charges in the fourth quarter 2007 to remedy such failures, causing the Company to report a net loss for the quarter; (8) that the Company lacked adequate internal and financial controls; and (9) that, as a result of the above, the Company's statements about its financial well-being and future business prospects were lacking in any reasonable basis when made.
A class action has been filed against specialty pharmaceutical company American Pharmaceuticals Partners, Inc. (Nasdaq: APPX) and certain of its officers and directors by stockholders who purchased the company's common stock between February 19, 2002, and September 24, 2003. A class action has been filed against insurance holding company PMA Capital Corporation (Nasdaq: PMACA) and certain of its officers and directors by investors who purchased the company's common stock between November 13, 1998 and November 3, 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, thereby artificially inflating the price of the company's securities.
On March 31, 2008, several motions to appoint lead plaintiffs, counsels and to consolidate cases were filed by different groups and individuals.
The parties have agreed on a settlement in several class actions that had been filed against Vaso Active Pharmaceuticals, Inc. (OTCBB:VAPH; formerly Nasdaq:VAPH) and certain of its officers and directors by stockholders who purchased the company's common stock between December 11, 2003, and March 31, 2004. The actions claimed 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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