Shareholder Class Action Filed Against Rigel Pharmaceuticals, Inc. by the Law Firm of Barroway Topaz Kessler Meltzer & ...( RADNOR Pa. Feb. 20 /- The following s...),Health

RADNOR, Pa., Feb. 20 /PRNewswire/ -- The following statement was issued today by the law firm of Barroway Topaz Kessler Meltzer & Check, LLP:

Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Northern District of California on behalf of purchasers of securities of Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) ("Rigel" or the "Company") between December 13, 2007 and October 27, 2008 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 Barroway Topaz Kessler Meltzer & Check, LLP (Darren J. Check, Esq. or David M. Promisloff, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@btkmc.com.

The Complaint charges Rigel and certain of its officers and directors with violations of the Securities Act of 1933 and the Securities Exchange Act of 1934. Rigel is a clinical-stage drug development company that discovers and develops small molecule drugs for the treatment of inflammatory/autoimmune diseases, cancer and viral diseases. Rigel had been in the process of developing a drug compound known as R788 (the "Study") for the treatment of Rheumatoid Arthritis.

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 R788 Study demonstrated an increase in certain patients' blood pressure, a potential indicator of an increase in cardiovascular risk, which had the potential to cause pharmaceutical companies to reconsider licensing
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