Navigation Links
$52.5 Million Settlement Against Sepracor Inc. Approved
Date:9/10/2007

Berger & Montague and Wolf Haldenstein Obtain Third-Largest Settlement in Securities Fraud Case Against Bio-Tech Company on Drug Approval

PHILADELPHIA, Sept. 10 /PRNewswire-USNewswire/ -- Judge Morris E. Lasker of the U.S. District Court for the District of Massachusetts has granted final approval of a $52.5 million settlement in two separate but related securities class actions against Sepracor Inc., a Massachusetts-based pharmaceutical company (Nasdaq: SEPR). The lawsuits arose from Sepracor's alleged concealment of safety concerns surrounding its new antihistamine candidate, Soltara, that was rejected by the FDA for marketing approval in March 2002. The settlement is the third-largest settlement in a securities fraud case against a bio-technology company concerning a drug approval.

The suit was maintained by Staro Asset Management, LLC on behalf of a debt class consisting of holders of Sepracor's convertible debt securities, and by Westmont Venture Partners, LLC on behalf of an equity class consisting of holders of Sepracor's common stock, call options and put options.

The two classes were represented by a team of attorneys from Berger & Montague, P.C. of Philadelphia; and Wolf Haldenstein Adler Freeman & Herz, LLP, New York, led by Sherrie R. Savett of Berger & Montague and Daniel W. Krasner of Wolf Haldenstein. Berger & Montague shareholder Gary E. Cantor and associate Joshua C. Schumacher, and Wolf Haldenstein partner David L. Wales and associate Stacey T. Kelly were also heavily involved in the prosecution of this action.

A preliminary settlement agreement was reached between the parties in April 2007 after nearly five years of litigation. Lead plaintiff's attorney for the debt class, Sherrie R. Savett of Berger & Montague, noted that "the settlement is excellent for the classes. If we had gone to trial, there would have been a battle of conflicting medical and scientific experts given the multitude of complex scientific issues surrounding the development of Sepracor's new drug candidate. Additionally, economic experts would have quarreled about the proper measure of damages to the two classes caused by Sepracor's failure to obtain approval for its highly touted antihistamine drug."

This settlement is the second announced within the last week by Berger & Montague. On September 4, the firm announced a settlement valued at $67-$80 million against the Philadelphia Stock Exchange, its CEO and six investment firms.

Investors who purchased any of the affected Sepracor securities during the class period May 17, 1999 -- March 6, 2002, or who have questions concerning the settlement, should contact

(bondholders) Berger & Montague at 888-891-2289 or InvestorProtect@bm.net; (shareholders) Wolf Haldenstein at 212-545-4600, or Wales@whafh.com; Skelly@whafh.com

Berger & Montague, founded in 1970, is a pioneer in class action litigation. The firm's 67 attorneys concentrate their practice in complex litigation including securities and investor fraud, antitrust, civil and human rights, consumer protection and environmental and mass torts, and have recovered several billion dollars for consumers and investors.

For more information:

Joshua C. Schumacher, Berger & Montague, P.C., 215 875-3055 jschumacher@bm.net


'/>"/>
SOURCE Berger & Montague, P.C.
Copyright©2007 PR Newswire.
All rights reserved

Related medicine news :

1. Drug May Make Breathing Easier for Millions
2. Hundred million dollar gift for malaria institute
3. George Bush pledges 200 million dollars for AIDS relief
4. Over Six Million HIV Infected People In South Africa- Finds A Survey
5. Hope for 11 million children facing death from illnesses
6. The forgotten epidemic killing millions
7. WHO and UNAIDS unveil plan to get 3 million AIDS patients on treatment by 2005
8. Tanzanian Government Sanctions $20 Million For AIDS Arug
9. Grant of $7 million for Orissa Medical College from Japan
10. Merck to pay $ 253.5 million to Vioxx victim family
11. GlaxoSmithKline to Supply United States with 8 Million flu vaccine, Fluarix
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/13/2017)... ... October 13, 2017 , ... ... communities in the greater Dallas, Miami, and Raleigh regions, is organizing an extended ... overcome a rare and deadly chromosome abnormality. , After struggling since birth with ...
(Date:10/13/2017)... ... 13, 2017 , ... The International Association of Eating Disorders ... for the field of eating disorders, announces the opening of early registration for ... Florida at the Omni Resort at ChampionsGate. , The annual iaedp™ ...
(Date:10/13/2017)... (PRWEB) , ... October 13, 2017 , ... Many families ... However, many long-term care insurance companies have a waiver for care if the client ... elimination period, when the family pays for care, is often waived, so the benefits ...
(Date:10/13/2017)... ... October 13, 2017 , ... Talented host, actor ... on sciatica in a new episode of "Success Files," which is an award-winning ... innovation and investigates each subject in-depth with passion and integrity. , Sciatica occurs ...
(Date:10/12/2017)... ... October 12, 2017 , ... CitiDent and ... apnea using cutting-edge Oventus O2Vent technology. As many as 18 million Americans ... frequent cessation in breathing. Oral appliances can offer significant relief to about 75 ...
Breaking Medicine News(10 mins):
(Date:9/27/2017)... 27, 2017  Commended for their devotion to personalized service, ... as number one in the South Florida Business Journal,s 50 ... 5000 yearly list, the national specialty pharmacy has found its ... will soon be honored by SFBJ as the 2017 ... Set to receive his award in October, Bardisa said ...
(Date:9/25/2017)... 2017  EpiVax, Inc., a leader in the ... today announced the launch of EpiVax Oncology Inc., ... therapeutic cancer vaccines. EpiVax has provided $500,000 in ... enabling technologies to the new precision immunotherapy venture. ... Oncology as Chief Executive Officer. Gad brings over ...
(Date:9/22/2017)... , Sept. 22, 2017 AVACEN Medical (AVACEN) ... is now successfully helping those with the widespread pain ... Fibromyalgia diagnosed Amanda in Essex, England ... washing my hair, experiencing no sleep at all, tremendous ... spasm… I cannot recommend [the AVACEN 100] enough, how ...
Breaking Medicine Technology: