Shareholder Class Action Filed Against Vicuron Pharmaceuticals Inc. by the Law Firm of Schiffrin & Barroway, LLP
19 June 2004 - 8:15AM
PR Newswire (US)
Shareholder Class Action Filed Against Vicuron Pharmaceuticals Inc.
by the Law Firm of Schiffrin & Barroway, LLP BALA CYNWYD, Pa.,
June 18 /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 Eastern District of Pennsylvania on behalf
of all persons who purchased or otherwise acquired the common stock
of Vicuron Pharmaceuticals Inc. (NASDAQ:MICU)("Vicuron" or the
"Company") from January 6, 2003 through May 24, 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 Vicuron, George F. Horner III, Dov Goldstein,
and Timothy Henkel violated Sections 10(b) and 20(a) of the
Securities Exchange Act of 1934, and Rule 10b-5 promulgated
thereunder. According to the complaint, the defendants issued a
series of material misrepresentations to the market between January
6, 2003 and May 24, 2004, about its drug anidulafungin, thereby
artificially inflating the price of Vicuron's common stock. More
specifically, the complaint alleges that defendants failed to
disclose or indicate the following: (1) that anidulafungin was
unsafe and ineffective and that the Food and Drug Administration
("FDA") would not approve the drug as-is to treat candidiasis; (2)
that anidulafungin failed to achieve superiority in all clinical
measures over fluconazole in the Phase III trial for esophageal
candidiasis; (3) that anidulafungin differed comparatively with the
Company's claims that better clinical outcomes could be achieved
with anidulafungin in treating candidiasis; (4) that
anidulafungin's statistically significant higher relapse rate as
compared with those fluconazole raised concerns that anidulafungin
was an inferior therapy to fluconazole and caspofungin acetate for
the treatment of esophageal candidiasis in immunosuppressed
patients; (5) that the nature and outcome of any additional studies
was uncertain; and (6) that as a result of the above, defendants
prevented investors and Biosearch shareholders from learning the
extent of the misrepresentations made to them during the Class
Period. On May 24, 2004, Vicuron announced that it received an
approvable letter from the FDA. However, the letter indicated that
the Company's "New Drug Application" ("NDA") submission for
anidulafungin does not currently support a labeling claim for the
initial treatment of esophageal candidiasis. News of this shocked
the market. Shares of Vicuron fell $8.86, or 40.46 percent, to
close at $13.06, on May 24, 2004. 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 August 16, 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., of Schiffrin & Barroway, LLP,
+1-888-299-7706 or +1-610-667-7706, Web site:
http://www.sbclasslaw.com/
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