BioSante Pharmaceuticals Alert: The Briscoe Law Firm and Powers Taylor, LLP Investigate Possible Breaches of Fiduciary Duty by the Officers and Directors of BioSante Pharmaceuticals, Inc.
Published on Thursday, 29 March 2012 17:07 Written by TradersHuddle StaffDALLAS-( Business Wire )-
Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that the firms are investigating legal claims against the officers and Board of Directors of BioSante Pharmaceuticals, Inc. (“BioSante” or “BPAX”) (NASDAQ: BPAX) related to potential securities violations between February 8, 2010 and December 15, 2011 (the “Class Period”).
In a recently filed federal class action complaint, BioSante and certain of its officers and directors were charged with violating the Securities Exchange Act of 1934. Specifically, the complaint alleges that during the class period the defendants issued materially false and misleading statements to investors about the commercial viability of LibiGel, BioSante’s testosterone gel, and the drug’s effectiveness and market potential, which resulted in artificially high share prices. Notably, on December 14, 2011, BioSante disclosed for the first time that clinical trials of LibiGel failed to yield positive results and users in the tests did not show a significant increase in either sexual desire or satisfying sexual events. As a result of the news, BioSante’s stock price dropped substantially.
According to shareholder rights attorney Willie Briscoe, “The recent revelations about BioSante’s alleged misrepresentations regarding its business and financial status has led our firms to investigate possible breaches of fiduciary duties and other violations of state law by BioSante’s officers and directors. Based on our investigation, we are prepared to institute litigation to preserve the company and the value of BioSante stock for all shareholders.”
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
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