Berman DeValerio & Pease LLP Announces Class Action Lawsuit Against Cell Pathways, Inc.Business Editors & Legal Writers PHILADELPHIA--(BUSINESS WIRE)--April 11, 2001 Berman Berman may refer to:
n. pl. pease or peas·en Archaic A pea. [Middle English; see pea. Announces Shareholder Class Action Accusing Cell Pathways, Inc. Of Deceiving Investors About New Drug Berman DeValerio & Pease LLP LLP - Lower Layer Protocol said today that it is pursuing a lawsuit lawsuit: see procedure; tort. in federal court charging Cell Pathways, Inc. (Nasdaq: CLPA CLPA CC-Link Partner Association CLPA Club Loisirs et Plein Air (Montpellier, France) CLPA Child Labour Programme of Action (national plan to eliminate child labour in South Africa) ) with misleading investors about a new cancer drug. The class action, captioned Webb v. Cell Pathways, Inc., seeks damages under federal securities laws for all investors who bought Cell Pathways stock between October 27, 1999 and September 22, 2000 (the "Class Period"). It was filed in U.S. District Court for the Eastern District of Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York . Berman DeValerio & Pease, which filed the lawsuit April 3, has represented investors in class actions for nearly two decades. To review the complaint and learn more about becoming a lead plaintiff, visit our Website at www.bermanesq.com. The lawsuit charges Cell Pathways and two top officers with issuing false and misleading statements about the drug, Aptosyn(R), and about the drug's chances of gaining approval from the U.S. Food and Drug Administration (FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. ). The complaint says that the defendants made positive statements about clinical trial results and the regulatory process during the Class Period, despite providing the FDA with "deficient de·fi·cient adj. 1. Lacking an essential quality or element. 2. Inadequate in amount or degree; insufficient. deficient a state of being in deficit. " supporting data. On September 22, 2000, the company disclosed that the FDA had rejected the new drug application as "non-approvable," a strongly negative finding given to only a small percentage of applicants. The rejection stunned stun tr.v. stunned, stun·ning, stuns 1. To daze or render senseless, by or as if by a blow. 2. To overwhelm or daze with a loud noise. 3. investors. As one analyst put it: "The repeated expressions of confidence that the product would be approved--with this result--causes me to question how well-grounded management is in reality, with regard to the regulatory process." Cell Pathways' stock, which had traded as high as $61 a share during the Class Period, quickly fell from nearly $21 a share to about $9 a share, a 70% drop in value. If you purchased Cell Pathways common stock during the period October 27, 1999 through September 22, 2000, you may wish to contact the following attorneys at Berman DeValerio & Pease to discuss your rights and interests:
Patrick T. Egan, Esq.
Michael G. Lange, Esq.
Berman DeValerio & Pease
One Liberty Square
Boston, MA 02109
bdplaw@bermanesq.com
(800) 516-9926
If you wish to apply to be lead plaintiff in this action, a motion must be filed on your behalf with the court no later than May 15, 2001. You may contact the attorneys at Berman DeValerio & Pease to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. To be a member of the class, however, you need not take any action at this time and you may retain counsel of your own choice. If you decide to seek appointment as lead plaintiff, you may also retain counsel of your choice. With offices in Boston and San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , Berman DeValerio & Pease LLP has prosecuted shareholder class actions since 1982, recovering more than $1 billion for investors. The firm has acted as lead counsel in numerous lawsuits involving violations of federal securities laws. It has successfully litigated these actions, and has been singled out for its excellence by many courts. The firm prides itself on its responsiveness to shareholders and their needs in each case. |
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