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
|SOURCE Finkelstein Thompson LLP|
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