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:5/28/2016)... ... May 28, 2016 , ... SuperCloset is proud to officially launch our ... to day issues, struggles and obstacles veterans’ need to overcome in order to face ... active or retired military veteran(s) with a donated SuperCloset product based on the needs ...
(Date:5/28/2016)... ... ... After a year and a half of planning the Multiple Pathways of Recovery Conference ... of Recovery Conference was held May 2 -4, 2016 at the Mystic Marriott Hotel ... to explore the many pathways individuals use to get into and sustain their recovery. ...
(Date:5/27/2016)... ... ... Southland Log Homes , designer and manufacturer of America’s Favorite Log ... be found on its website at SouthlandLogHomes.com. , The designs of the wood ... craftsmanship of timber post and beam construction. The result is a barn that ...
(Date:5/27/2016)... ... May 27, 2016 , ... An influential resource amongst nurses and ... to shed lights on the variety of topics detailing why we appreciate nurses in ... why this career has gone from being in a major recession to one of ...
(Date:5/27/2016)... New York, NY (PRWEB) , ... May 27, ... ... caregivers to casual readers, this installment is bolstered by inspiring human-interest stories, courtesy ... trends and tech within the industry, from leading advocates, associations and industry leaders ...
Breaking Medicine News(10 mins):
(Date:5/24/2016)... 24, 2016 ARANZ Medical  Ltd ... healthcare sector, has been named the Coretex Hi-Tech Emerging Company ... Dr Bruce Davey , CEO of ARANZ ...  It,s really good to be recognised for the work we ... are used in 35 countries around the world from Sub-Saharan ...
(Date:5/24/2016)... 24, 2016 Celsion Corporation (NASDAQ: ... today provided an update on its ongoing OVATION ... combining GEN-1, the Company,s DNA-based immunotherapy, with the ... patients with advanced ovarian cancer who will undergo ... is an IL-12 DNA plasmid vector formulated as ...
(Date:5/24/2016)... KONG , May 24, 2016 ... , the world , s first ... AV fistula intervention   OrbusNeich, a global ... has expanded its portfolio to include products to treat ... are the company,s first entry devices for lower limb ...
Breaking Medicine Technology: