BioSante Pharmaceuticals, Inc. (NASDAQ:BPAX) Investor Files Securities Class Action Lawsuit Over Certain Statements Concerning LibiGel’s Efficacy Trial Results
San Diego, Feb. 6, 2012 (Shareholders Foundation) -- An investor in NASDAQ:BPAX shares filed a lawsuit in the U.S. District Court for the Northern District of Illinois against BioSante Pharmaceuticals, Inc over alleged Violations of Federal Securities Laws in connection certain statements concerning the efficacy trial results for its LibiGel.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired the securities of BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) between February 12, 2010 and December 15, 2011, that BioSante Pharmaceuticals, along with its Chief Executive Officer violated the Securities and Exchange Act of 1934. Specifically, the plaintiff alleges that the defendants issued a series of materially false and misleading statements to investors about LibiGel's commercial viability, effectiveness, and market potential that caused shares of BioSante Pharmaceuticals to trade at artificially high prices between February 12, 2010 and December 15, 2011.
Shares of BioSante Pharmaceuticals, Inc. (Public, NASDAQ:BPAX) rose from $1.15 per share in March 09 to as high as $3.64 per share in July 2011.
Then on December 14, 2011, BioSante Pharmaceuticals, Inc announced the results from LibiGel Efficacy Trials.
BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) said that the initial analysis of the data from these trials shows that the trials did not meet the co-primary or secondary endpoints. BioSante's president & CEO said that they are “very disappointed by the Phase III LibiGel efficacy trial results.”
Shares of BioSante Pharmaceuticals, Inc. (Public, NASDAQ:BPAX) fell from $2.50 on December 14, 2011, to $0.48 per share on December 15, 2011.
NASDAQ:BPAX shares closed on December 19, 2011 as low as $0.38 per share.