Geller Rudman Announces Class Action Lawsuit Against Allos Therapeutics, Inc. on Behalf of Investors
25 May 2004 - 7:13AM
PR Newswire (US)
Geller Rudman Announces Class Action Lawsuit Against Allos
Therapeutics, Inc. on Behalf of Investors NEW YORK, May 24
/PRNewswire/ -- The Law Firm of Geller Rudman, PLLC announced today
that a class action lawsuit has been filed in the United States
District Court for the District of Colorado on behalf of purchasers
of Allos Therapeutics, Inc. ("Allos" or the "Company") publicly
traded securities during the period between April 23, 2003 and May
3, 2004, inclusive (the "Class Period"). A copy of the complaint
filed in this action is available from the Court, or can be viewed
on the firm's website at
http://www.geller-rudman.com/view_case.asp?cID=293 . 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' 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. If you bought Allos publicly
traded securities between April 23, 2003 and May 3, 2004,
inclusive, and you wish to serve as lead plaintiff, you must move
the Court no later than July 19, 2004. If you are a member of this
class, you can join this class action online at
http://www.geller-rudman.com/ . Any member of the purported class
may move the Court to serve as lead plaintiff through Geller Rudman
or other counsel of their choice, or may choose to do nothing and
remain an absent class member. Geller Rudman, PLLC is a national
law firm that represents investors and consumers in class action
and corporate governance litigation. It is one of the country's
premier firms in the area of securities fraud, with in-house
finance and forensic accounting specialists and extensive trial
experience. Since its founding, Geller Rudman, PLLC has grown to
become one of the most respected and successful firms representing
investors and consumers in class action litigation. The firm came
of age under the client focused realities of the Private Securities
Litigation Reform Act of 1995, which provided new opportunities for
institutional investors to assume leadership in combating
securities fraud. The firm's lawyers have achieved substantial
recoveries for aggrieved investors and consumers in class action
lawsuits prosecuted in state and federal courts throughout the
nation. Geller Rudman, PLLC maintains a widely recognized
reputation for excellence, as courts have repeatedly appointed the
firm to major positions in intricate multi-district or consolidated
litigations. In this regard, Geller Rudman, PLLC has successfully
pursued hundreds of class action lawsuits, has taken a lead role in
numerous complex litigations on behalf of defrauded investors and
consumers and has been responsible for billions in recoveries as
well as landmark corporate governance changes. The firm maintains
offices in Boca Raton and New York. If you have any questions about
how you may be able to recover for your losses, or if you would
like to consider serving as one of the lead plaintiffs in this
lawsuit, you are encouraged to call or e-mail the Firm or visit the
Firm's website at http://www.geller-rudman.com/ . Contact: GELLER
RUDMAN, PLLC Samuel H. Rudman, Esq. or David A. Rosenfeld, Esq.
Client Relations Department: 200 Broadhollow, Suite 406 Melville,
NY 11747 631-367-7100 Toll Free: 1-877-992-2555 Fax: 1-631-367-1173
E-mail: DATASOURCE: Geller Rudman, PLLC CONTACT: Samuel H. Rudman,
Esq. or David A. Rosenfeld, Esq., both of Geller Rudman, PLLC,
+1-631-367-7100, or +1-877-992-2555, or fax, +1-631-367-1173, or
Web site: http://www.geller-rudman.com/
http://www.geller-rudman.com/view_case.asp?cID=293
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