ALTH Allos Therapeutics, Inc. (MM)

Shareholder Class Action Filed Against Allos Therapeutics, Inc. by the Law Firm of Schiffrin & Barroway, LLP BALA CYNWYD, Pa., May 24 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP: Notice is hereby given that a class action lawsuit was filed in the United States District Court for the District of Colorado on behalf of all purchasers of the common stock of Allos Therapeutics, Inc. (NASDAQ:ALTH)("Allos" or the "Company") from April 23, 2003 through May 3, 2004, inclusive (the "Class Period"). If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) toll-free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at . The complaint charges that Allos and Michael Hart violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between April 23, 2003 and May 3, 2004, about its cancer drug RSR13, thereby artificially inflating the price of Allos's common stock. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them:(1) that the study failed to demonstrate benefits of RSR13 plus WBRT over WBRT alone for patients with brain metastases; (2) that the Company conducted only one pivotal efficacy study, where according to the usual requirement of the Agency for approval and marketing a new drug, the sponsor needs to demonstrate the efficacy of the new drug in at least two independent well-controlled clinical trials; (3) that observed apparent survival advantage in a single small subgroup of patients with primary breast cancer based on post-hoc analysis is attributable solely to the treatment effect and not due to imbalances in known and unknown prognostic factors; (4) that, as a result of the foregoing, the statements made by the Company about RSR13 were materially false or misleading. On May 3, 2004, Allos announced that the FDA Oncologic Drugs Advisory Committee ("ODAC") did not recommend approval of the company's investigational radiation sensitizer RSR13 (efaproxiral) as an adjunct to whole brain radiation therapy for the treatment of patients with brain metastases originating from breast cancer. News of this shocked the market. 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 class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com/. If you are a member of the class described above, you may, not later than July 23, 2004 move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action. CONTACT: Schiffrin & Barroway, LLP Marc A. Topaz, Esq. Stuart L. Berman, Esq. Three Bala Plaza East, Suite 400, Bala Cynwyd, PA 19004 1-888-299-7706 (toll-free) or 1-610-667-7706 Or by e-mail at DATASOURCE: Schiffrin & Barroway, LLP CONTACT: Marc A. Topaz, Esq. or Stuart L. Berman, Esq., both of Schiffrin & Barroway, +1-888-299-7706 or +1-610-667-7706, Web site: http://www.sbclasslaw.com/

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