Class Action Lawsuit Filed Against CellPro, Inc. on Behalf of Stockholders.SEATTLE--(BUSINESS WIRE)--March 10, 1998--CellPro., Inc. has been named defendant in a securities class action suit filed today by the Seattle law firm of Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , Milstein, Hausfeld & Toll, P.L.L.C, on behalf of company stockholders. CellPro., Inc. is a Seattle-based company which develops drugs to treat cancer. The suit contends that a number of the company's directors and officers were engaged in a massive scheme to mislead investors regarding CellPro's theft of valuable patents from John Hopkins University -- and then misappropriated mis·ap·pro·pri·ate tr.v. mis·ap·pro·pri·at·ed, mis·ap·pro·pri·at·ing, mis·ap·pro·pri·ates 1. a. To appropriate wrongly: misappropriating the theories of social science. them for the company's use. As a result of the ensuing legal battle with John Hopkins and the patent-holder, CellPro's stock dropped dramatically, resulting in losses totaling in the millions of dollars for investors. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Steven J. Toll, managing partner of Cohen, Milstein, Hausfeld & Toll, the complaint alleges "a reckless and wanton Grossly careless or negligent; reckless; malicious. The term wanton implies a reckless disregard for the consequences of one's behavior. A wanton act is one done in heedless disregard for the life, limbs, health, safety, reputation, or property rights of corporate strategy to steal and misappropriate mis·ap·pro·pri·ate tr.v. mis·ap·pro·pri·at·ed, mis·ap·pro·pri·at·ing, mis·ap·pro·pri·ates 1. a. To appropriate wrongly: misappropriating the theories of social science. the efforts and property of others." Toll said he was reluctant at first to sue a company which purportedly has a true humanitarian purpose. He was convinced to bring the suit to recover the millions lost by investors as a result of the decision by a U.S. District judge in Delaware who ruled upon the patent infringement patent infringement n. the manufacture and/or use of an invention or improvement for which someone else owns a patent issued by the government, without obtaining permission of the owner of the patent by contract, license or waiver. battle between CellPro and John Hopkins. According to U.S. District Judge Roderick McKelvie, CellPro's founders "...demonstrated that their primary motivation is not humanitarianism hu·man·i·tar·i·an·ism n. 1. Concern for human welfare, especially as manifested through philanthropy. 2. The belief that the sole moral obligation of humankind is the improvement of human welfare. 3. , nor even responsible capitalism. The record in this case demonstrates that CellPro's motivation, as expressed by the words, conduct, and testimony of its founders is greed." CellPro's law firm, Lyon & Lyon, L.L.P., was also named a defendant in the suit. Cohen, Milstein, Hausfeld & Toll filed the suit in conjunction with three other law firms. The suit was filed on behalf of persons who purchased CellPro common stock between March 10, 1995 and July 28, 1997. CellPro's stock traded as high as $20.375 during the class period. It closed today (March 10) at 3 1/4. Toll noted that patent suit had revealed ample evidence in the record to support the jury's finding that CellPro willfully willfully adv. referring to doing something intentionally, purposefully and stubbornly. Examples: "He drove the car willfully into the crowd on the sidewalk." "She willfully left the dangerous substances on the property." (See: willful) infringed on the patents. "The ruling demonstrated that CellPro had gone far beyond the bounds of corporate decency," said Toll. CONTACT: Cohen, Milstein, Hausfeld & Toll, P.L.L.C. Steven J. Toll, Matthew J. Ide or Jessica A. Eaves, 888/240-1238 206/521-0800 or The Bartlett Group Barry Bartlett, 206/285-0673 |
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