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Shareholder Class Action Filed Against Rigel Pharmaceuticals, Inc. by the Law Firm of Barroway Topaz Kessler Meltzer & Check, LLP
Date:2/20/2009

the drug; (2) that patients in the Study taking R788 experienced increased liver enzymes compared to those patients taking the placebo; (3) that patients in Mexico had higher response rates in both the placebo and treated arms than U.S. patients, which may have disproportionately contributed to the overall reported benefit observed at the higher doses; (4) that the Company lacked adequate internal controls; (5) that, as a result of the foregoing, the Company's statements about its financial well-being and future business prospects were lacking in any reasonable basis when made; and (6) that the Company's Registration Statement was false and misleading at all relevant times.

On December 13, 2007, the Company issued a press release which publicized positive results of a clinical trial of R788. The December 13, 2007 press release was also appended to the Company's Form 8-K filed with the United States Securities and Exchange Commission filed that same day. In response to the positive news of the results of the Study, the price of Rigel's stock increased $17.95 per share to close at $25.95 per share on December 13, 2007, a 224% increase from the previous day's closing price of $8.00 per share.

Subsequently, on or about January 31, 2008, the Company completed its Secondary Public Offering ("SPO"). In connection with its SPO, the Company filed a Registration Statement and Prospectus (collectively referred to as the "Registration Statement") with the SEC. The Registration Statement incorporated by reference the Company's December 13, 2007 press release detailing the results of the Study. The SPO was a financial success for the Company, as it sold more than 5 million shares of stock to investors at a price of $27 per share, for gross proceeds of $135 million.

Thereafter, defendants continued to tout the positive results of the Phase II clinical trial of R788. However, on October 27, 2008 the Company shocked investor
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SOURCE Barroway Topaz Kessler Meltzer & Check, LLP
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