Antigenics Believes Class Action Litigation is without Merit and Intends to Defend It Vigorously.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Antigenics Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AGEN) today announced that on June 16, 2006, a purported class action complaint was filed in the United States District Court for the District of New Mexico The United States District Court for the District of New Mexico is the federal district court whose jurisdiction comprises the state of New Mexico. Court is held in Albuquerque, Las Cruces, Las Vegas, Roswell, Santa Fe, and Silver City. by Steven J. Tuckfelt on behalf of himself and all others similarly situated similarly situated adj. with the same problems and circumstances, referring to the people represented by a plaintiff in a "class action," brought for the benefit of the party filing the suit as well as all those "similarly situated. against Antigenics Inc. (the "Company") and its chief executive officer, Garo H. Armen Garo H. Armen is chairman and chief executive officer of Antigenics Inc., the biotechnology company he cofounded with Pramod Srivastava in 1994. From mid-2002 through 2004, he was chairman of the board of directors for the biopharmaceutical company Elan Corporation plc. Dr. , PhD. The complaint alleges that certain disclosures by the Company violated Sections 10(b) and 20(a) of the Securities and Exchange Act of 1934 as well as includes purported claims for breach of fiduciary duty. The Company believes that the complaint is without merit and plans to vigorously defend against the litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . The Company's policy is to not discuss pending litigation. Antigenics is a biotechnology company working to develop treatments for cancers, infectious diseases and autoimmune disorders Autoimmune Disorders Definition Autoimmune disorders are conditions in which a person's immune system attacks the body's own cells, causing tissue destruction. . For more information, please visit www.antigenics.com. Forward-Looking Statements Some statements in this press release are known as "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include statements about the Company's beliefs and intentions regarding the reported lawsuit. Because these forward-looking statements involve known and unknown risks and uncertainties, there are important factors that could cause actual results, events or developments to differ materially from those expressed or implied by these forward-looking statements, including a ruling by a court that is adverse to the Company's position and other uncertainties and matters beyond the Company's control inherent in legal proceedings. These forward-looking statements are based on the information currently available to the Company and speak only as of the date of this press release. The Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. |
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