Finkelstein Thompson LLP Announces GPC Biotech AG Investigation
August 21 2007 - 9:41AM
PR Newswire (US)
WASHINGTON, Aug. 21 /PRNewswire/ -- The law firm of Finkelstein
Thompson LLP announces that a class action lawsuit has been filed
in the United States District Court for the Southern District of
New York on behalf of all persons who purchased the common stock of
GPC Biotech AG ("GPC Biotech" or the "Company") (NASDAQ:GPCB)
between December 15, 2005 and July 24, 2007, inclusive (the "Class
Period"). Finkelstein Thompson LLP is investigating similar claims
at this time and welcomes investor inquiries. The Complaint charges
GPC Biotech and certain of the Company's executive officers with
violations of federal securities laws. Specifically, the Complaint
alleges that Defendants over the course of several years, GPC
Biotech has been focused almost exclusively on efforts to develop
and gain approval for Satraplatin, an oral drug therapy for
advanced prostate cancer patients who have proved resistant to
conventional treatments. The Complaint further alleges that, under
increased pressure to gain FDA marketing approval, Defendants used
improper testing methods to determine whether Satraplatin was safe
and effective. On July 24, 2007, the FDA disclosed that it had
unanimously recommended against the approval of Satraplatin. The
market responded sharply to this news on July 25, 2007 with the
price of GPC Biotech stock falling $7.20 to close at $13.16, a drop
of over 35%. If you are a member of the class, you may, no later
than September 24, 2007, request that the Court appoint you as lead
plaintiff of the class. A lead plaintiff is a class member
appointed by the Court to direct the litigation on behalf of the
class. Although a class member need not be appointed as a lead
plaintiff to receive a proportionate share of any proceeds of the
litigation, lead plaintiffs make important decisions that could
affect the prosecution of the class claims, including decisions
concerning settlement. The securities laws create a rebuttable
presumption that the plaintiff with the larges financial interest
in the litigation is the most adequate to serve as lead plaintiff.
Finkelstein Thompson LLP has spent almost three decades delivering
outstanding representation to institutional and individual clients
in connection with securities and other finance-related litigation,
and has been appointed as lead or co-lead counsel in dozens of
shareholder class actions. Indeed, in the past decade, the firm has
served in leadership roles in cases that have recovered over $1
billion for investors and consumers. If you are a GPC Biotech
shareholder and wish to discuss this matter or have information
relevant to the investigation, please contact our Washington, DC
office toll-free at (877) 337-1050, or by email at . DATASOURCE:
Finkelstein Thompson LLP CONTACT: Finkelstein Thompson LLP,
+1-202-337-8000 Web site: http://www.finkelsteinthompson.com/
Copyright
Gpc Biotech AG ADS (MM) (NASDAQ:GPCB)
Historical Stock Chart
From Aug 2024 to Sep 2024
Gpc Biotech AG ADS (MM) (NASDAQ:GPCB)
Historical Stock Chart
From Sep 2023 to Sep 2024
Real-Time news about Gpc Biotech AG ADS (MM) (NASDAQ): 0 recent articles
More Gpc Biotech AG ADS (MM) News Articles