Allos Therapeutics Inc (NASDAQ: ALTH) Investor Securities Class Action Lawsuit 05/19/2004

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Company Name(s): 
Allos Therapeutics
Case Name: 
Allos Therapeutics Shareholder Class Action Lawsuit 05/19/2004
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: ALTH
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
05/19/2004
Class Period Begin: 
05/29/2003
Class Period End: 
04/29/2004
Court of Filing: 
U.S. District Court for the District of Colorado
Date Settled: 
02/04/2010
Settlement Amount: 
$2,000,000
Deadline to Participate in Settlement: 
02/05/2009
Summary: 

February 4, 2010 - The court entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.

January 29, 2010 - The court approved the settlement.

September 15, 2008 - The court preliminarily approved the settlement.

February 21, 2008 - Parties filed a stipulation of settlement.

November 17, 2005 - The plaintiff filed a notice of appeal.

October 11, 2005 - The court granted the defendants' motion to dismiss.

October 12, 2004 - The defendants filed a motion to dismiss.

August 25, 2004 - The plaintiff filed an amended complaint.

July 19, 2004 - Lead plaintiff motions were filed.

May 24, 2004 - Additional investors filed a complaint in the U.S. District Court for the District of Colorado on behalf of investors who purchased Allos Therapeutics Inc (NASDAQ: ALTH) common shares between April 23, 2003 and May 3, 2004.

May 19, 2004 - Another investor filed a complaint in the U.S. District Court for the District of Colorado on behalf of investors who purchased Allos Therapeutics Inc (NASDAQ: ALTH) common shares between April 23, 2003 and April 29, 2004.

May 19, 2004 - An investor in shares of Allos Therapeutics Inc (NASDAQ: ALTH) filed a lawsuit in the U.S. District Court for the District of Colorado against Allos Therapeutics Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between May 29, 2003 and May 3, 2004.

The complaint alleges that Allos Therapeutics Inc misled the investing public by issuing a series of materially false and misleading statements highlighting the purported efficacy of Allos Therapeutics Inc's radiation sensitizer RSR13 ("Efaproxiral") for the treatment of brain metastases in patients with breast cancer, as well as the likelihood that this drug would receive approval from the U.S. Food and Drug Administration ("FDA"). On April 30, 2004 and May 3, 2004, it was announced by the Oncologic Drugs Advisory Committee ("ODAC") of the FDA, that it concluded by a 16-1 vote, to recommend that the FDA not approve Efaproxiral. In recommending rejection of Efaproxiral, the ODAC found that "the evidence of drug efficacy needs to be much stronger to be convincing."

As a result of this announcement, the price of Allos Therapeutics Inc (NASDAQ: ALTH) shares fell $2.09, or 45% to close at $2.55 on extraordinary volume.