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Lerach Coughlin Stoia & Robbins LLP Files Class Action Suit Against Allos Therapeutics, Inc.

Business Editors/Financial Analysts

SAN DIEGO--(BUSINESS WIRE)--May 25, 2004

Lerach Coughlin Stoia & Robbins LLP (http://www.lcsr.com/cases/allos/) today announced that a class action has been commenced in the United States District Court for the District of Colorado on behalf of purchasers of Allos Therapeutics, Inc. ("Allos") (NASDAQ:ALTH) securities during the period between April 23, 2003 and May 3, 2004 (the "Class Period").

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from May 19, 2004. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, William Lerach or Darren Robbins of Lerach Coughlin Stoia & Robbins LLP at 800-449-4900 or via e-mail at wsl@lcsr.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.lcsr.com/cases/allos/. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint charges Allos and its chief executive officer with violations of the Securities Exchange Act of 1934. Allos is a biopharmaceutical company focused on developing and commercializing small molecule drugs for improving cancer treatments.

The complaint alleges that during the Class Period defendants materially misled the investing public, thereby inflating the price of Allos securities, by publicly issuing false and misleading statements about Allos's business, prospects and operations. The statements were materially false and misleading when made because they failed to disclose or indicate the following: (i) that the Company's study failed to demonstrate benefits of its lead clinical candidate, RSR13, plus whole brain radiation therapy ("WBRT") over WBRT alone for patients with brain metastases; (ii) that the Company conducted only one pivotal efficacy study, where, according to the usual requirements of the FDA for approval and marketing of a new drug, the sponsor needs to demonstrate the efficacy of the new drug in at least two independent well-controlled clinical trials; and (iii) that the observed apparent survival advantage in a single small subgroup of patients with primary breast cancer based on post-hoc analysis was attributable solely to the treatment effect and not due to imbalances in known and unknown prognostic factors.

On May 3, 2004, Allos announced that the FDA Oncologic Drugs Advisory Committee did not recommend approval of RSR13 as an adjunct to WBRT for the treatment of patients with brain metastases originating from breast cancer. On this news, shares of Allos fell $5.83 per share or 40% on April 30, 2004 to close at $8.60 per share.

Plaintiff seeks to recover damages on behalf of all purchasers of Allos securities during the Class Period (the "Class"). The plaintiff is represented by Lerach Coughlin Stoia & Robbins LLP, who has expertise

in prosecuting investor class actions and extensive experience in actions involving financial fraud.

Lerach Coughlin Stoia & Robbins LLP, a 125-lawyer firm with offices in San Diego, San Francisco, Los Angeles, Washington, D.C., Houston and Philadelphia, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. Lerach Coughlin Stoia & Robbins LLP lawyers have been responsible for more than $20 billion in aggregate recoveries. The Lerach Coughlin Stoia & Robbins LLP Web site (http://www.lcsr.com) has more information about the firm.
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Publication:Business Wire
Geographic Code:1USA
Date:May 25, 2004
Words:603
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