Class Action Filed Against SuperGen, Inc. on Behalf of Shareholders Who Purchased Securities between April 18, 2000 and March 13, 2003 by the Law Firm of Stull, Stull & Brody.Business Editors/Legal Writers/Health/Medical Writers LOS ANGELES--(BUSINESS WIRE)--April 23, 2003 A class action lawsuit class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax was filed today in the United States District Court for the Northern District of California The United States District Court for the Northern District of California is the Federal district court whose jurisdiction comprises following counties: Alameda, Contra Costa, Del Norte, Humboldt, Lake, Marin, Mendocino, Monterey, Napa, San Benito, San Francisco, San Mateo, Santa on behalf of purchasers of SuperGen, Inc. ("SuperGen" or the "Company") (NasdaqNM:SUPG SUPG Streamline Upwind Petrov Galerkin ) securities between April 18, 2000 and March 13, 2003, inclusive (the "Class Period"). The Complaint charges that the Company and its Chief Executive Officer, President and Chairman of the Board violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10-b(5). The action alleges that defendants issued a series of false and misleading statements concerning its Mitozytrex, also known as MitoExtra, drug and the drug's ability to treat cancer. Specifically, the Complaint charges that defendants repeatedly issued press releases claiming Mitozytrex was a new drug available to treat gastric and pancreatic cancers pancreatic cancer Malignant tumour of the pancreas. Risk factors include smoking, a diet high in fat, exposure to certain industrial products, and diseases such as diabetes and chronic pancreatitis. Pancreatic cancer is more common in men. , when, in fact, the drug was nothing more than an injectable in·ject·a·ble adj. Capable of being injected. Used of a drug. n. A drug or medicine that can be injected. form of the already existing drug mitomycin mitomycin /mi·to·my·cin/ (mi?to-mi´sin) 1. any of a group of antitumor antibiotics (e.g., mitomycin A, B, C) produced by Streptomyces caespitosus. 2. mitomycin C; used as a palliative antineoplastic. . Moreover, the Complaint alleges that defendants purposefully did not inform the public of the significant risks associated with use of Mitozytrex, including but not limited to fever, anorexia, nausea, vomiting vomiting, ejection of food and other matter from the stomach through the mouth, often preceded by nausea. The process is initiated by stimulation of the vomiting center of the brain by nerve impulses from the gastrointestinal tract or other part of the body. , myelosuppression and hemolytic uremic syndrome hemolytic uremic syndrome n. A syndrome in which hemolytic anemia and thrombocytopenia occur with acute renal failure, marked in children by sudden gastrointestinal bleeding, urine that contains red blood cells and is scanty in volume, and . As a result of these false and misleading statements, defendants were able to sell millions of shares of SuperGen stock and notes for proceeds of $25 million, thereby profiting from the artificial inflation in SuperGen's stock price. The Complaint charges that as a result of defendants' actions, plaintiff and the Class were damaged. Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Stull, Stull & Brody, which has significant experience and expertise in prosecuting class actions on behalf of investors. If you purchased SuperGen securities between April 18, 2000 and March 13, 2003, inclusive, you may be a member of the class and have until June 13, 2003 to move the Court to serve as lead plaintiff, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. To be a member of the class, however, you do not need to take any action at this time. Should you decide to seek appointment as a lead plaintiff, you may retain Stull, Stull & Brody, or counsel of your choice. If you have any questions concerning this notice or your rights or interests with respect to this matter, please contact Michael Braun or Patrice Bishop of Stull, Stull & Brody toll-free at 888-388-4605 or via e-mail at info@secfraud.com or visit the firm's web-site at www.secfraud.com. |
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