Robbins Geller Rudman & Dowd LLP Files Class Action

Class Action News

Robbins Geller Rudman & Dowd LLP today announced that a class action has been commenced in the United States District Court for the Northern District of Illinois on behalf of purchasers of BioSante Pharmaceuticals, Inc. securities during the period between February 8, 2010 and December 15, 2011.

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from February 6, 2012. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at djr@rgrdlaw.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.rgrdlaw.com/cases/biosante/. Any member of the putative 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 BioSante and its Chief Executive Officer with violations of the Securities Exchange Act of 1934. BioSante is a specialty pharmaceutical company focused on developing products for female sexual health and oncology.

The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the commercial viability, effectiveness, and market potential for LibiGel, a drug designed to improve the sex drive of women suffering from female sexual dysfunction, and specifically hypoactive sexual desire disorder (“HSDD”). Defendants boasted about LibiGel’s efficacy over placebo in clinical trials, and provided supposedly concrete “data” regarding the drug’s “statistically significant” effect on increasing the “number of satisfying sexual events” for women suffering from HSDD. As a result of these false statements, BioSante’s stock traded at artificially inflated prices during the Class Period, reaching a high of $3.81 on July 12, 2011.

On December 14, 2011, BioSante issued a press release disclosing for the first time to investors that LibiGel failed to yield positive results in large-scale efficacy tests designed by the Company. According to the clinical trial results, women treated with LibiGel did not experience a statistically significant increase in either total satisfying sexual encounters or sexual desire. In fact, in the double-blind, placebo-controlled trial, LibiGel did not fare significantly better than the placebo. On this news, BioSante’s stock collapsed $1.64 per share to close at $0.48 per share on December 15, 2011, a one-day decline of 77% on volume of nearly 50 million shares.

According to the complaint, the true facts, which were known by the defendants but concealed from the investing public during the Class Period, were as follows: (a) LibiGel’s efficacy was well short of that required to obtain FDA approval; and (b) LibiGel failed to yield statistically superior results to placebo.

Plaintiff seeks to recover damages on behalf of all purchasers of BioSante securities during the Class Period (the “Class”). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.

Robbins Geller, a 180-lawyer firm with offices in San Diego, San Francisco, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, 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.

www.rgrdlaw.com

Related listings

  • Kessler Topaz Meltzer & Check, LLP Announces a Proposed Class Action Settlement

    Kessler Topaz Meltzer & Check, LLP Announces a Proposed Class Action Settlement

    Class Action News 02/20/2012

    To: All persons and entities who purchased or otherwise acquired the common stock of Pilgrim's Pride Corporation from May 5, 2008 to October 28, 2008, inclusive, including all those who purchased the common stock of Pilgrim's Pride Corporation pursua...

  • The Shuman Law Firm Announces Class Action

    The Shuman Law Firm Announces Class Action

    Class Action News 02/13/2012

    The Shuman Law Firm today announced that a lawsuit seeking class action status has been filed in the U.S. District Court for the District of Colorado on behalf of purchasers of the common stock of Molycorp, Inc. between March 9, 2011 and November 10,...

  • Robbins Geller Rudman & Dowd LLP Files Class Action

    Robbins Geller Rudman & Dowd LLP Files Class Action

    Class Action News 02/10/2012

    Robbins Geller Rudman & Dowd LLP today announced that a class action has been commenced in the United States District Court for the Central District of California on behalf of purchasers of the common stock of Powerwave Technologies, Inc. between...

Grounds for Divorce in Ohio - Sylkatis Law, LLC

A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party

Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party

However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.

Business News

St Peters, MO Professional License Attorney Attorney John Lynch has been the go-to choice for many professionals facing administrative sanction. >> read