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Case Status:    DISMISSED    
On or around 04/18/2002 (Other)

Filing Date: March 24, 1999

According to the docket posted on the website, on April 18, 2002, the appellant court affirmed the decision of the district court.

As previously reported by the Form 10-Q for the Quarterly Period Ended June 30, 2000, on February 18, 2000, the district court dismissed with prejudice all eight consolidated putative class action lawsuits that had been filed in March and April 1999 against PathoGenesis Corporation, its chief executive officer and its chief financial officer. The court's order dismissed the consolidated cases and bars plaintiffs from filing another lawsuit on the matter. The plaintiffs then appealed the dismissal order to the United States Court of Appeals for the Ninth Circuit.

The original complaint asserts that defendants violated Section 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 by making material misrepresentations and omissions that caused the Company's stock to trade at artificially inflated levels during the Class Period. In summary, the Complaint states that during the Class Period defendants made materially false and misleading statements about the market for its most important product, trobramycin solution for inhalation (TOBI). On March 22, 1999, the Company announced that its first quarter results would be far below consensus estimates. They announced sales of only $10 million, a net loss of $0.30 per share versus estimates of a $0.20 per share profit, and anticipated yearly sales only in the range of $62-63 million, dramatically less than the $90-100 million expected before the announcement. As a result of this announcement, PathoGenesis stock plummeted from $34 a share to close at $12 per share on March 23, 1999, a drop of approximately 66 percent.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: PGNS
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: W.D. Washington
DOCKET #: 99-CV-0419
JUDGE: Hon. Thomas S. Zilly
DATE FILED: 03/24/1999
CLASS PERIOD START: 01/15/1999
CLASS PERIOD END: 03/22/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen Milstein Hausfeld & Toll PLLC (Seattle WA)
    701 Fifth Avenue, Suite 6860, Cohen Milstein Hausfeld & Toll PLLC (Seattle WA), WA 98014
    206.521.0080 206.521.0166 · lawinfo@cmht.com
  2. Hagens Berman & Mitchell
    2425 East Camelback Road; Suite 620, Hagens Berman & Mitchell, AZ 85016
    602.840.5900. 602.840.3012 · info@hagens-berman.com
  3. 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 ·
  4. Wolf Popper, LLP
    845 Third Avenue, Wolf Popper, LLP, NY 10022-6689
    877.370.7703 212.486.2093 · IRRep@wolfpopper.com
No Document Title Filing Date
COURT: W.D. Washington
DOCKET #: 99-CV-0419
JUDGE: Hon. Thomas S. Zilly
DATE FILED: 09/10/1999
CLASS PERIOD START: 01/15/1999
CLASS PERIOD END: 03/22/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC)
    1100 New York Avenue, N.W., Suite 500, West Tower, Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC), DC 20005
    202.408.4600 202.408.4699 · lawinfo@cmht.com
  2. Hagens Berman, LLP
    1301 Fifth Avenue Suite 2900, Hagens Berman, LLP, WA 98101
    206.623.7292 · info@hagens-berman.com
  3. Wolf Popper, LLP
    845 Third Avenue, Wolf Popper, LLP, NY 10022-6689
    877.370.7703 212.486.2093 · IRRep@wolfpopper.com
  4. Zwerling, Schachter, Zwerling & Koppell LLP
    767 Third Avenue , Zwerling, Schachter, Zwerling & Koppell LLP, NY 10017
    ·
No Document Title Filing Date
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