Case Page

 

Case Status:    DISMISSED    
On or around 07/27/2004 (Other)

Filing Date: March 09, 1998

According to the Company’s FORM 10-Q for the quarterly period ended June 30, 2004, on June 16, 2004, the Fifth Circuit affirmed the June 13, 2003 judgment of the District Court. In addition, on July 15, 2004, the Fifth Circuit denied the plaintiff's request for a rehearing.

Previously, according to the same SEC filing, certain purported class action complaints alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 thereunder were filed against the Company and certain of its officers and directors in 1998. These complaints were filed in the United States District Court for the Southern District of Texas (the "District Court") in Houston, Texas and were consolidated on May 29, 1998. On March 30, 1999, the District Court granted the defendants' motion to dismiss and dismissed the case with prejudice. The plaintiffs filed an appeal. On September 25, 2001, the United States Fifth Circuit Court of Appeals (the "Fifth Circuit") affirmed the dismissal of all claims except one; the Fifth Circuit reversed the District Court's dismissal of a claim concerning the Company's disclosure about a patent relating to VASOMAX(R). On June 13, 2003, the District Court granted the defendants' motion for summary judgment as to that last remaining claim, and entered a judgment dismissing the case with prejudice. The plaintiffs filed an appeal.

The original Complaint names Zonagen and certain of the Company's officers and directors as defendants, alleging that these parties violated Sections 10(b) and 20(a) of the Exchange Act, as well as SEC Rule 10b-5 promulgated thereunder, by originating a series of materially misleading statements and omissions concerning the Company's business prospects and its intellectual property rights with regard to its purported impotency drug, Vasomax, and a purportedly proprietary adjuvant, which the defendants called ImmuMax. Specifically, Plaintiff alleges that the defendants misrepresented the patent protection which the Company enjoyed with respect to Vasomax, and misrepresented that the Company had developed a new adjuvant, ImmuMax, when this compound was actually a previously patented adjuvant called Chitosan. On November 18, 1997, a third party issued a press release revealing that Zonagen did not have patent protection for its Vasomax product. This disclosure, and subsequent disclosures concerning the Company's products and intellectual property rights sent Zonagen's share prices plummeting, from a Class Period high of $44 1/8 on October 13, 1997 to a low of $14 15/16 on January 12, 1998.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: ZONA
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: S.D. Texas
DOCKET #: 98-CV-00693
JUDGE: Hon. Sim Lake
DATE FILED: 03/09/1998
CLASS PERIOD START: 04/01/1996
CLASS PERIOD END: 11/18/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Finkelstein, Thompson & Loughran
    1050 30th Street, NW, Finkelstein, Thompson & Loughran, DC 20007
    202.337.8000 202.337.8090 · contact@ftllaw.com
  2. Greenberg, Peden, Siegmyer & Oshman
    12 Greenway Plaza, 10th floor, Greenberg, Peden, Siegmyer & Oshman, TX 77046
    713.627.2720 713.627.7050 ·
No Document Title Filing Date
COURT: S.D. Texas
DOCKET #: 98-CV-00693
JUDGE: Hon. Sim Lake
DATE FILED: 06/19/1998
CLASS PERIOD START: 02/07/1996
CLASS PERIOD END: 01/09/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Finkelstein, Thompson & Loughran
    1050 30th Street, NW, Finkelstein, Thompson & Loughran, DC 20007
    202.337.8000 202.337.8090 · contact@ftllaw.com
  2. Greenberg, Peden, Siegmyer & Oshman
    12 Greenway Plaza, 10th floor, Greenberg, Peden, Siegmyer & Oshman, TX 77046
    713.627.2720 713.627.7050 ·
No Document Title Filing Date
No Document Title Filing Date