Navigation Links
Shareholder Class Action Filed Against GPC Biotech AG by the Law Firm of Schiffrin Barroway Topaz & Kessler, LLP
Date:8/23/2007

RADNOR, Pa., Aug. 23 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin Barroway Topaz & Kessler, LLP:

Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of all purchasers of securities of GPC Biotech AG (Nasdaq: GPCB) ("GPC" or the "Company") from December 5, 2005 through July 24, 2007, 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 Topaz & Kessler, LLP (Darren J. Check, Esq. or Richard A. Maniskas, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbtklaw.com.

The Complaint charges GPC and certain of its officers and directors with violations of the Securities Exchange Act of 1934. GPC is a biopharmaceutical company engaged in the discovery, development and commercialization of new drugs to treat cancer. 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 U.S. Federal Drug Administration ("FDA") had previously expressed disapproval regarding the Company's choice of methodology and a primary endpoint in the satraplatin studies; (2) that the Company continued to evaluate satraplatin using the disputed endpoint; (3) that the Company disregarded the FDA's previously expressed concerns about the disputed primary endpoint, and submitted the satraplatin study results to the FDA with the disputed primary endpoint supporting its satraplatin New Drug Application ("NDA"); (4) that the FDA's evaluators would be unable to determine disease progression from the Company's NDA submission; and (5) that the interim data submitted with the NDA would not allow the FDA to conclude that satraplatin was more effective than placebo in terms of overall survival.

Throughout the Class Period, the Company reported positive results from its satraplatin Phase 3 trial, and indicated that data from the trial would form the Company's New Drug Application ("NDA") with the FDA. The Company reported a 40 percent reduction in risk of disease progression for study participants who received satraplatin, and reported that the study data showed that the results for PFS were highly statistically significant. The Company's investors were shocked on July 20, 2007, when the FDA released its "Briefing Document" in advance of the FDA's Oncology Drugs Advisory Committee's meeting to consider the satraplatin NDA. Therein, the FDA cited five "issues" that it had with the Company's satraplatin NDA. On this news, the Company's shares declined $7.80 per share, or over 24.5 percent, to close on July 20, 2007 at $24.00 per share, on unusually heavy trading volume. On the following trading day, the Company's shares declined an additional $3.05 per share, to close on July 23, 2007 at $20.95 per share.

Then on July 24, 2007, the FDA's advisory panel voted 12-0 to recommend delaying a decision on satraplatin until the Company gathered additional data to determine whether satraplatin actually helped men with prostate cancer live longer. In response, the Company disclosed that it did not expect to have the necessary survival analysis for another year. On this news, the Company's shares declined an additional $7.19 per share, or 35.36 percent, to close on July 25, 2007 at $13.16 per share, on unusually heavy trading volume.

Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin Barroway Topaz & Kessler which prosecutes class actions in both state and federal courts throughout the country. Schiffrin Barroway Topaz & Kessler is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.

For more information about Schiffrin Barroway Topaz & Kessler or to sign up to participate in this action online, please visit http://www.sbtklaw.com

If you are a member of the class described above, you may, not later than September 24, 2007, 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 Topaz & Kessler or other counsel of your choice, to serve as your counsel in this action.

CONTACT: Schiffrin Barroway Topaz & Kessler, LLP

Darren J. Check, Esq.

Richard A. Maniskas, Esq.

280 King of Prussia Road

Radnor, PA 19087

1-888-299-7706 (toll free) or 1-610-667-7706

Or by e-mail at info@sbtklaw.com


'/>"/>
SOURCE Schiffrin Barroway Topaz & Kessler, LLP
Copyright©2007 PR Newswire.
All rights reserved

Related biology technology :

1. Doyle repeals shareholder liability
2. Why repealing the shareholder wage lien law makes sense
3. Merge president steps down in wake of shareholder suits
4. Pressure mounts for Doyle to repeal shareholder liability law
5. Merges merger is the crux of shareholder lawsuits
6. RNase Activity in Mouse Tissue: Classification, Hierarchy, and Methods for Control
7. Screening and classifying hazardous waste samples
8. World Class Life Science and Pharmaceutical Companies Leverage DoveBid s Global Reach for Asset Management and Disposition
9. Early Stage, Step 8: Misclassifying workers brings risk
10. Healthcare software addresses "90 million" misclassified Americans
11. Classroom projects translate into immediate workplace gains
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:1/24/2017)... ... January 24, 2017 , ... ... biosensor assays for fragment-based screening, will showcase its proprietary Field Effect ... Automation and Screening (SLAS) conference in Washington, D.C. from Feb. 6 to Feb. ...
(Date:1/24/2017)... Washington, DC (PRWEB) , ... January 23, 2017 ... ... nonprofit organization that supports innovative science through unique partnerships, seeks outstanding early career ... Continued scientific innovation is critical to meeting the needs of a world in ...
(Date:1/24/2017)... , January 23, 2017 ... Model Market by Type (Genetic, Cell-based (CD34, PBMC, BLT)), ... End User (Pharmaceutical & Biotech Companies, CRO) - Global ... the global Humanized Mouse Model Market for the forecast ... to reach USD 116.0 Million by 2021 from USD ...
(Date:1/23/2017)... ... January 23, 2017 , ... USARAD Holdings Inc., a ... last year adding 65 new US and international facilities to its client base. ... well as one of US largest imaging center chains. USARAD continued its global ...
Breaking Biology Technology:
(Date:12/16/2016)... Dec. 16, 2016   IdentyTechSolutions America LLC ... products and solutions and a cutting-edge manufacturer of ... it is offering seamless, integrated solutions that comprise ... products. The solutions provide IdentyTech,s customers with combined ... facilities from crime and theft. "We ...
(Date:12/15/2016)... , Dec 15, 2016 ... Research and Markets has announced the addition ... offering. The report forecasts the global military biometrics market ... The report has been prepared based on an in-depth market ... and its growth prospects over the coming years. The report also includes ...
(Date:12/8/2016)... Market Research Future published a half cooked research report ... Security and Service Market is expected to grow over the CAGR ... Highlights: ... Mobile Biometric Security and Service Market is ... of authentication and security from unwanted cyber threats. The increasing use ...
Breaking Biology News(10 mins):