OSI Pharmaceuticals Inc (NASDAQ: OSIP) Investor Securities Class Action Lawsuit 12/16/2004

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Company Name(s): 
OSI Pharmaceuticals
Case Name: 
OSI Pharmaceuticals Shareholder Class Action Lawsuit 12/16/2004
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: OSIP
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
12/16/2004
Class Period Begin: 
04/26/2004
Class Period End: 
11/22/2004
Court of Filing: 
U.S. District Court for the Eastern District of New York
Date Settled: 
08/22/2008
Settlement Amount: 
$9,000,000
Deadline to Participate in Settlement: 
09/09/2008
Summary: 

August 22, 2008 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.

May 28, 2008 - The court preliminarily approved the settlement.

March 14, 2008 - Parties filed a stipulation of settlement.

May 24, 2007 - The court dismissed the Section 11 and 15 claims with prejudice.

March 31, 2007 - The court denied in part and granted in part the defendants' motion to dismiss.

April 7, 2006 - The defendants filed a motion to dismiss.

February 17, 2006 - The lead plaintiff filed an amended complaint.

December 12, 2005 - The lead plaintiff and lead counsel were appointed.

April 22, 2005 - All cases were consolidated.

February 14, 2005 - A lead plaintiff motion was filed.

December 16, 2004 - An investor in shares of OSI Pharmaceuticals Inc (NASDAQ: OSIP) filed a lawsuit in the U.S District Court for the Eastern District of New York against OSI Pharmaceuticals Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between October 26, 2004 and November 22, 2004.

The complaint alleges that throughout between October 26, 2004 and November 22, 2004, OSI Pharmaceuticals Inc made materially false and misleading statements regarding OSI Pharmaceuticals Inc's business, operational and compliance policies. Specifically, the complaint alleges that OSI Pharmaceuticals Inc made false and/or misleading statements and/or failed to disclose that: (i) OSI Pharmaceuticals Inc manipulated operational test of its Advanced Imaging Technology by selectively picking the best sensors, causing the test not to be representative of the scanners already deployed at airports; (ii) OSI Pharmaceuticals Inc's products raised strong privacy concerns and were subject to disqualification for use in airport security checkpoints; (iii) OSI Pharmaceuticals Inc manufactured its products with parts that directly violated contracts with the TSA, thereby risking cancellation of the contracts; and, (iv) as a result of the above, OSI Pharmaceuticals Inc's financial statements were materially false and misleading at all relevant times.