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Case ID: 5207 | Stocks | 10/27/2008
On October 14, 2008, a complaint was filed against the defendants in the Southern District of New York. The complaint charges the defendants and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The defendants are a neuroscience-based biotechnology company.
The complaint alleges that during the Class Period, defendants made materially false and misleading statements about bapineuzumab, a drug the defendants was developing in association with another company for the treatment of Alzheimer’s disease. Specifically, defendants failed to disclose unfavorable results from a Phase II clinical study of bapineuzumab that the defendants and the other company conducted. When those results were finally disclosed, the price of the defendants’ ADRs plunged from $33.75 to $19.63 in one day.
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 The parties have reached a tentative $1 million settlement of a class action filed against now-defunct medical diagnostic products manufacturer Technical Chemicals & Products, Inc. (Pink Sheets: TCPI, formerly OTCBB: TCPI and Nasdaq: TCPI) and certain of its officers and directors by stockholders who purchased the company's common stock between November 27, 1995, and October 6, 1998. To recover under the settlement, a completed proof of claim postmarked no later than January 9, 2004, must be mailed to the claims administrator. According to a law firm press release, a class action was filed against the company seeking to pursue remedies under the Securities Exchange Act of 1934 against defendants Hexion Specialty Chemicals, Inc., and certain individuals. A class action has been filed against Marsh and McLennan Companies, Inc. (NYSE: MMC) and certain of its officers and directors by stockholders who purchased the company’s common stock between October 15, 1999 and October 14, 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 stockholder seeks to recover compensatory damages for the loss of value of their stock. A class action has been filed against Van der Moolen Holding N.V. (NYSE: VDM) and certain of its officers and directors by stockholders who purchased the company's American Depository Receipts (ADRs) between October 18, 2001, and October 15, 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 25, 2008, a motion to appoint lead plaintiff and counsel was filed by Robotti & Company. As a result, a response to the above mentioned motion to appoint lead plaintiff and counsel was filed on April 11, 2008 by several individuals. As this case proceeds, the court has not made its order to appoint lead plaintiffs and counsels yet.
According to a October 30, 2008, press release, the Complaint charges that the defendant and certain of its officers and directors violated federal securities laws by misrepresenting the Company's financial condition. |
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