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:6/26/2016)... ... June 26, 2016 , ... PawPaws brand pet supplements ... that was developed to enhance the health of felines. The formula is all-natural and ... main herbs in the PawPaws Cat Kidney Support Supplement Soft Chews are ...
(Date:6/25/2016)... ... , ... Austin residents seeking Mohs surgery services, can now turn to Dr. ... Russell Peckham for medical and surgical dermatology. , Dr. Dorsey brings specialization to include ... in Mohs Micrographic Surgery completed by Dr. Dorsey was under the direction of Glenn ...
(Date:6/25/2016)... CA (PRWEB) , ... June 25, 2016 , ... As ... with Magna Cum Laude and his M.D from the David Geffen School of Medicine ... and returned to Los Angeles to complete his fellowship in hematology/oncology at the UCLA-Olive ...
(Date:6/24/2016)... ... June 24, 2016 , ... A recent article published June 14 ... The article goes on to state that individuals are now more comfortable seeking to ... operations such as calf and cheek reduction. The Los Angeles area medical group, Beverly ...
(Date:6/24/2016)... ... June 24, 2016 , ... The Pulmonary Hypertension Association (PHA) ... will receive two significant new grants to support its work to advance research ... anniversary by recognizing patients, medical professionals and scientists for their work in fighting ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... , June 24, 2016  Collagen Matrix, ... design, development and manufacturing of collagen and mineral ... announced today that Bill Messer has ... Marketing to further leverage the growing portfolio of ... devices. Bill joins the Collagen Matrix ...
(Date:6/24/2016)... -- The Academy of Managed Care Pharmacy (AMCP) today ... allow biopharmaceutical companies to more easily share health care ... coverage decisions, a move that addresses the growing need ... The recommendations address restrictions in the sharing of product ... a prohibition that hinders decision makers from accessing HCEI ...
(Date:6/24/2016)... 2016   Pulmatrix, Inc ., (NASDAQ: ... drugs, announced today that it was added to the ... its comprehensive set of U.S. and global equity indexes ... important milestone for Pulmatrix," said Chief Executive Officer ... our progress in developing drugs for crucial unmet medical ...
Breaking Medicine Technology: