Deadline on April 6 in Lawsuit for Investors in BioSante Pharmaceuticals, Inc. announced by Shareholders Foundation
Published on Monday, 02 April 2012 09:43 Written by TradersHuddle Staff
SAN DIEGO, April 2, 2012 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a deadline to get actively involved is coming up on April 6 in the lawsuit filed in the U.S. District Court for the Northern District of Illinois on behalf of certain investors in shares of BioSante Pharmaceuticals, Inc. (BPAX) against BioSante Pharmaceuticals, Inc. over alleged Violations of Federal Securities Laws in connection with allegedly false and misleading statements.
The plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired the securities of BioSante Pharmaceuticals, Inc. (BPAX) between February 12, 2010 and December 15, 2011, that BioSante Pharmaceuticals, along with its CEO violated the Securities Exchange Act of 1934. Specifically, the plaintiff says that the defendants issued a series of materially false and misleading statements to investors about LibiGel's commercial viability, effectiveness, and market potential that caused shares of BioSante Pharmaceuticals to trade at artificially high prices between February 12, 2010 and December 15, 2011.
On December 14, 2011, BioSante Pharmaceuticals, Inc announced the results from LibiGel Efficacy Trials. BioSante Pharmaceuticals, Inc. (BPAX) said that the initial analysis of the data from these trials shows that the trials did not meet the co-primary or secondary endpoints. BioSante's president & CEO said that they are "very disappointed by the Phase III LibiGel efficacy trial results."
Shares of BioSante Pharmaceuticals, Inc. (BPAX) fell from $2.50 on December 14, 2011, to as low as $0.38 per share on December 19, 2011,
On March 30, 2012 BPAX shares closed at $0.68 per share.
Those who purchased BioSante Pharmaceuticals, Inc. (BPAX) shares have certain options and should contact the Shareholders Foundation.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
The Shareholders Foundation, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6931
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