Rigel Pharmaceuticals, Inc. - Securities Class Action

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Copyright (c) 2001
Stanford Law School

Rigel Pharmaceuticals, Inc. Summary: According to a press release dated February 6, 2009, the complaint alleges that Rigel was developing a new drug, R788, for the treatment of rheumatoid arthritis. On December 13, 2007, Rigel issued a press release, which was attached as an exhibit to a Form 8-K filed with the SEC, and held a conference call touting the positive summary results of a then-recently-completed clinical trial of R788 in 189 patients in the U.S. and Mexico (the ‘Study’). In response to the announcement of the summary results of the Study, Rigel’s common stock price more than tripled in one day, from $8 per share to $25.95. On January 24, 2008, Rigel filed the Registration Statement for its offering of common stock, which incorporated by reference the December 13, 2007 Form 8-K. On February 6, 2008, Rigel consummated the Offering, selling five million shares of common stock at a price of $27 per share for proceeds of $135 million. Then, on October 27, 2008, Rigel presented the full results of the Study at a meeting of the American College of Rheumatology and on an investor conference call. Those results contained adverse information omitted from the Company’s December 13, 2007 press release and Form 8-K, as well as from the Registration Statement and subsequent presentations. When this adverse information about the Study’s results was finally disclosed, Rigel’s stock price plunged 38% in a single day, from $14.41 to $8.84.

According to the complaint, the true facts which defendants failed to disclose were: (a) patients in Mexico had higher response rates in both the placebo and treated arms than the U.S. patients, which may have contributed disproportionately to the overall reported benefit observed at the higher doses; (b) R788 caused an increase in average blood pressure which could signal an increase in cardiovascular risk, the mechanism that caused the increase was not well understood and the increase in blood pressure could be a stumbling block for some pharmaceutical companies that were considering licensing the drug; and (c) patients in the Study taking R788 experienced increased liver enzymes compared to patients taking the placebo.

On March 19, 2009, a Stipulation and Consolidation Order was entered by the court granting appointment of lead counsel and consolidation of cases.

On June 09, 2009, an Order Appointing Inter-Local Pension Fund GCC/IBT As Lead Plaintiff And Approving Its Selection Of Lead And Liaison Counsel was granted by the court.

On July 24, 2009, a Consolidated Complaint For Violations Of The Federal Securities Laws was filed in the Northern District Of California in this case on behalf of the lead plaintiffs.

On September 08, 2009, a Notice Of Motion And Motion To Dismiss Consolidated Complaint was filed in the court by the defendants.

On January 27, 2010, an amended complaint consolidated amended complaint for violations of the federal securities laws against the defendants was filed with the court.

On August 24, 2010, another motion to dismiss was granted without prejudice allowing Plaintiff shall file any amended complaint within thirty days of the date of this Order.

A subsequent Notice on September 22, 2010, was filed by the plaintiffs electing to stand on the Amended Complaint. The Lead Plaintiff respectfully requested that final judgment be entered so that appeal can be taken therefrom.

On October 28, 2010, the Lead Plaintiff decided to stand on its Consolidated Amended Complaint for Violations of the Federal Securities Laws and requested that final judgment be entered dismissing this action with prejudice so that appeal can be filed. Thus, a Judgment was entered in favor of defendants.

On November 15, 2010, a Notice of Appeal was filed by the plaintiffs in the Ninth Circuit, appealing the dismissal order issued by the District Court.

INDUSTRY CLASSIFICATION:
SIC Code: 2834
Sector: Healthcare
Industry: Biotechnology & Drugs

COMPANY/ISSUER NAME:	Rigel Pharmaceuticals, Inc.
COMPANY/ISSUER TICKER:	RIGL
COMPANY WEBSITE:	http://www.rigel.com

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

Inter-Local Pension Fund GCC/IBT, et al. v. Rigel Pharmaceuticals, Inc., et al.

COURT: N.D. California	DOCKET NUMBER: 09-CV-0546
JUDGE NAME: Hon. Jeffrey S. White
DATE FILED: 02/06/2009	SOURCE:
CLASS PERIOD START: 12/13/2007	CLASS PERIOD END: 10/27/2008
TYPE OF COMPLAINT: Complaint (Unamended and Unconsolidated)
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Coughlin Stoia Geller Rudman & Robbins LLP (San Diego) 655 West Broadway, Suite 1900, San Diego, CA, 92101 (voice) 619.231.1058, (fax) 619.231.7423, info@csgrr.com/ Coughlin Stoia Geller Rudman & Robbins LLP (San Francisco) 100 Pine Street, Suite 2600, San Francisco, CA, 94111 (voice) 415.288.4545, (fax) 415.288.4534, _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 2

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
Complaint For Violations Of The Federal Securities Laws
Type: Complaint		Date on the document: 02/06/2009
Stipulation And Consolidation Order
Type: Order		Date on the document: 03/18/2009
Order Appointing Inter-Local Pension Fund GCC/IBT As Lead Plaintiff And Approving Its Selection Of Lead And Liaison Counsel
Type: Order		Date on the document: 06/09/2009

REFERENCE COMPLAINT

In re Rigel Pharmaceuticals, Inc. Securities Litigation

COURT: N.D. California	DOCKET NUMBER: 09-CV-00546
JUDGE NAME: Hon. Jeffrey S. White
DATE FILED: 01/27/2010	SOURCE:
CLASS PERIOD START: 12/13/2007	CLASS PERIOD END: 02/03/2009
TYPE OF COMPLAINT: First Amended and Consolidated
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Coughlin Stoia Geller Rudman & Robbins LLP (San Diego) 655 West Broadway, Suite 1900, San Diego, CA, 92101 (voice) 619.231.1058, (fax) 619.231.7423, info@csgrr.com/ Coughlin Stoia Geller Rudman & Robbins LLP (San Francisco) 100 Pine Street, Suite 2600, San Francisco, CA, 94111 (voice) 415.288.4545, (fax) 415.288.4534, _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 2

DOCUMENTS FOR THE REFERENCE COMPLAINT
Rigel And Individual Defendants' Reply In Support Of Motion To Strike Declaration Of Daniel A. Bloch
Type: Other		Date on the document: 03/18/2009
Rigel And Individual Defendants' Reply In Support Of Request For Judicial Notice
Type: Other		Date on the document: 03/18/2009
Consolidated Complaint for Violations of the Federal Securities Laws
Type: Complaint		Date on the document: 07/24/2009
Declaration of Shannon M. Eagan in Support of Rigel and Individual Defendant's Motion to Dismiss Consolidated Complaint
Type: Declaration		Date on the document: 09/08/2009
Proof of Service
Type: Other		Date on the document: 09/08/2009
[Proposed] Order Granting (1) Defendants' Motion to Dismiss Consolidated Complaint and (2) Request for Judicial Notice
Type: Order		Date on the document: 09/08/2009
Rigel and Individual Defendants' Notice of Motion and Motion to Dismiss Consolidated Complaint; Memorandum of Points and Authorities
Type: Notice		Date on the document: 09/08/2009
Rigel and Individual Defendants' Notice of Motion and Motion to Dismiss Consolidated Complaint; Memorandum of Points and Authorities
Type: Motion		Date on the document: 09/08/2009
Rigel and Individual Defendants' Request for Judicial Notice in Support of Their Motion to Dismiss Consolidated Complaint
Type: Other		Date on the document: 09/08/2009
Underwriter Defendants' Notice of Joinder and Joinder in Rigel and individual Defendants' Motion to Dismiss Consolidated Complaint
Type: Motion		Date on the document: 09/08/2009
U.S. District Court Civil Docket
Type: Docket		Date on the document: 09/21/2009
Declaration Of Christopher P. Seefer In Support Of Plaintiff’s Opposition To Motion To Dismiss Of Rigel And Individual Defendants
Type: Declaration		Date on the document: 10/23/2009
Plaintiff’s Opposition To Motion To Dismiss Of Rigel And Individual Defendants
Type: Other		Date on the document: 10/23/2009
Proof of Service
Type: Other		Date on the document: 11/12/2009
Rigel And Individual Defendants’ Reply In Support Of Motion To Dismiss Consolidated Complaint
Type: Declaration		Date on the document: 11/12/2009
Rigel And Individual Defendants’ Reply In Support Of Request For Judicial Notice
Type: Other		Date on the document: 11/12/2009
Rigel And Individual Defendants’ Supplemental Request For Judicial Notice In Support Of Their Motion To Dismiss Consolidated Complaint
Type: Other		Date on the document: 11/12/2009
Order Granting Defendants' Motion To Dismiss
Type: Order		Date on the document: 12/21/2009
Stipulation And Order Extending Time For Filing Lead Plaintiff's Amended Complaint And Briefing Schedule On Motion To Dismiss
Type: Order		Date on the document: 01/13/2010
Consolidated Amended Complaint For Violations Of The Federal Securities Laws
Type: Complaint		Date on the document: 01/27/2010
Consolidated Amended Complaint For Violations Of The Federal Securities Laws
Type: Complaint		Date on the document: 01/27/2010
U.S. District Court Civil Docket
Type: Docket		Date on the document: 02/03/2010
Declaration Of William S. Freeman In Support Of Rigel And Individual Defendants' Motion To Dismiss Consolidated Amended Complaint
Type: Declaration		Date on the document: 02/16/2010
[Proposed] Order Granting (1) Defendants' Motion To Dismiss Consolidated Complaint, (2) Defendants' Motion To Strike, And (3) Request For Judicial Notice
Type: Order		Date on the document: 02/16/2010
Rigel And Individual Defendants' Notice Of Motion And Motion To Dismiss Consolidated Amended Complaint; Memorandum Of Points And Authorities
Type: Motion		Date on the document: 02/16/2010
Rigel And Individual Defendants' Notice Of Motion And Motion To Strike Declaration Of Daniel A. Bloch; Memorandum Of Points And Authorities
Type: Motion		Date on the document: 02/16/2010
Rigel And Individual Defendants' Request For Judicial Notice In Support Of Their Motion To Dismiss Consolidated Amended Complaint
Type: Other		Date on the document: 02/16/2010
Declaration Of S. Ashar Ahmed In Support Of Plaintiff's Request For Judicial Notice In Opposition To Rigel And Individual Defendants' Motion To Dismiss Consolidated Amended Complaint And Underwriter Defendants' Joinder Thereto
Type: Declaration		Date on the document: 03/08/2010
Plaintiff's Opposition To Rigel And Individual Defendants' Motion To Strike Declaration Of Daniel A. Bloch And Underwriter Defendants' Joinder Thereto
Type: Motion		Date on the document: 03/08/2010
Plaintiff's Request For Judicial Notice In Opposition To Rigel And Individual Defendants' Motion To Dismiss Consolidated Amended Complaint And Underwriter Defendants' Joinder Thereto
Type: Motion		Date on the document: 03/08/2010
Plaintiff's Response And Opposition To Rigel And Individual Defendants' Request For Judicial Notice
Type: Other		Date on the document: 03/08/2010
[Corrected] Plaintiff's Opposition To Rigel And Individual Defendants' Motion To Dismiss Consolidated Amended Complaint And Underwriter Defendants' Joinder Thereto
Type: Motion		Date on the document: 03/09/2010
Proof Of Service
Type: Memorandum		Date on the document: 03/18/2010
Rigel And Individual Defendants' Non-Opposition To Plaintiff's Request For Judicial Notice
Type: Other		Date on the document: 03/18/2010
Rigel And Individual Defendants' Reply In Support Of Motion To Dismiss Consolidated Amended Complaint
Type: Other		Date on the document: 03/18/2010
Rigel And Individual Defendants' Supplemental Request For Judicial Notice In Support Of Their Motion To Dismiss Consolidated Amended Complaint
Type: Other		Date on the document: 03/18/2010
Supplemental Declaration Of William S. Freeman In Support Of Rigel And Individual Defendants' Motion To Dismiss Consolidated Amended Complaint
Type: Other		Date on the document: 03/18/2010
Order Granting Defendants' Motion To Dismiss Plaintiff's Consolidated Amended Complaint
Type: Order		Date on the document: 08/24/2010
U.S. District Court Civil Docket
Type: Docket		Date on the document: 09/23/2010
[Proposed] Judgment
Type: Other		Date on the document: 10/28/2010
[Proposed] Judgment
Type: Other		Date on the document: 10/28/2010
Lead Plaintiff's Notice Of Appeal And Ninth Circuit Rule 3-2 Representation Statement
Type: Notice of Appeal		Date on the document: 11/15/2010

OTHER DOCUMENTS

Case Name and/or Number:
Type:		Date on the document:

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