Case Page

 

Case Status:    SETTLED
On or around 11/23/2001 (Date of order of final judgment)

Filing Date: February 12, 1999

According to the docket, the Court entered the Order and Final Judgment on November 3, 2001. The case is closed. The settlement amount, $3.75 million, has been funded by the Cell Pathways, Inc.'s primary insurance carrier.

On June 7, 2001, the Company reached an agreement in principle settling all claims arising from this lawsuit. On September 4, 2001, the court preliminarily approved the settlement. Notice has been provided to the class and the period within which members of the class may elect to opt out or object to the settlement expired on November 5, 2001. This settlement is still subject to final court approval. There is no assurance that the settlement will be approved or completed in a timely fashion or at all.

In February and March of 1999, five different groups of stockholders filed
class actions in the United States District Court in Philadelphia against the
Company, and certain of its officers and directors alleging violations of
Section 11 of the Securities Act of 1933 and Sections 10(b) and 20(a) of the
Securities Exchange Act of 1934. The complaints alleged that the Company made
false and misleading statements about the efficacy and near-term commercialization of the Company's lead drug candidate, Exisulind.

The cases were consolidated on March 12, 1999, and a consolidated amended complaint which asserts claims under Section 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10-b5 was filed on June 28, 1999 seeking an unspecified amount of damages on behalf of a class of persons who traded in the Company's securities between October 7, 1998 and February 2, 1999 (extended class period).

The original Complaint alleged that during the Class Period, defendants disseminated numerous announcements concerning PREVATAC (exisulind), its current and future prospects concerning PREVATAC (exisulind) in violation of the federal securities laws. The Complaint alleges that the defendants' false statements artificially inflated the price of Cell pathways stock.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: CLPA
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: E.D. Pennsylvania
DOCKET #: 99-CV-752
JUDGE: Hon. Robert F. Kelly
DATE FILED: 02/12/1999
CLASS PERIOD START: 11/11/1998
CLASS PERIOD END: 02/02/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernard M. Gross
    1500 Walnut Street, Suite 600, Bernard M. Gross, PA 19102
    215.561.3600 215.561.3000 · bmgross@BernardMGross.com
  2. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (New York, NY)
    825 Third Avenue - 30th Floor, Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (New York, NY), NY 10022
    212.838.7797 212.838.7745 · lawinfo@cmht.com
  3. Law Offices of Marc S. Henzel (Lawrence)
    335 Central Avenue, Law Offices of Marc S. Henzel (Lawrence), NY 11559
    516.374.0707 516.295.3473 · securitiesfraud@comcast.net
  4. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  5. Spector Roseman & Kodroff (San Diego)
    1818 Market Street, Suite 2500, Spector Roseman & Kodroff (San Diego), PA 19103
    215.496.0300 215.496.6611 ·
  6. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
  7. Weiss & Yourman (New York, NY)
    The French Building, 551 Fifth Ave., Suite 1600, Weiss & Yourman (New York, NY), NY 10126
    212.682.3025 212.682.3010 · info@wyca.com
No Document Title Filing Date
COURT: E.D. Pennsylvania
DOCKET #: 99-CV-752
JUDGE: Hon. Robert F. Kelly
DATE FILED: 06/28/1999
CLASS PERIOD START: 10/07/1998
CLASS PERIOD END: 02/02/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernard M. Gross
    1500 Walnut Street, Suite 600, Bernard M. Gross, PA 19102
    215.561.3600 215.561.3000 · bmgross@BernardMGross.com
  2. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
No Document Title Filing Date
No Document Title Filing Date