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Case Status:    SETTLED
On or around 04/08/2003 (Date of order of final judgment)

Filing Date: November 19, 1999

According to the Sirna Therapeutics, Inc.’s (formerly Ribozyme Pharmaceuticals, Inc.) SEC Form 10-Q for the quarterly period ended March 31, 2003, on November 7, 2002, the Company announced that an agreement had been reached with the plaintiffs to settle the stockholder class action lawsuit. By Order filed April 8, 2003, the Court approved the settlement, dismissed all claims in the action with prejudice, and directed that judgment be entered dismissing the case. The Company’s liability insurance covered the full amount of the settlement.

In the Summary Notice of Proposed Settlement, pursuant to an Order of the United States District Court for the District of Colorado, a hearing will be held on March 17, 2003, at 9:00 a.m., before the Honorable Marcia S. Krieger, United States District Judge, United States Courthouse, 901 19th Street, Denver, Colorado, 80294, for the purpose of determining: (1) whether the proposed Settlement of the claims against Defendants in the above-captioned Litigation in return for the creation of a total settlement pool of $3 million should be approved by the Court as fair, reasonable and adequate pursuant to Rule 23 of the Federal Rules of Civil Procedure; (2) whether, thereafter, all claims against all Defendants should be dismissed with prejudice; and (3) whether the proposed Plan of Allocation of the Settlement fund should be approved.

The original complaint alleges that defendants misled investors by issuing a false press release on November 15 headlined "Colorado Pharmaceutical Co. Makes Cancer Drug History," stating that Angiozyme, one of the Company's drugs in development, "has taken an important step forward... making both clinical history and industry news" and that a press conference will be held on November 17 at which the Company's "CEO and President, Ralph E. Christoffersen, Ph.D. ...will explain Angiozyme and its recent history-making leap, an achievement which may be of great significance to cancer patients everywhere." As a result, Ribozyme common stock increased from $10 5/8 to as high as $22 per share. Ultimately, investors discovered the Company had no "history-making progress" to report but was merely announcing that Angiozyme had entered Phase I/II testing -- a development the Company had twice previously indicated would occur before the end of 1999. Ribozyme shares then declined to close at $9-5/16 per share on November 17, 1999. The lawsuit seeks to recover damages suffered by Ribozyme investors as a result of defendants' improper conduct.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: RZYM
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.

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COURT: D. Colorado
DOCKET #: 99-CV-2235
JUDGE: Hon. Lewis T. Babcock
DATE FILED: 11/19/1999
CLASS PERIOD START: 11/15/1999
CLASS PERIOD END: 11/17/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Beatie & Osborne LLP
    599 Lexington Avenue, 42nd Floor, Beatie & Osborne LLP, NY 10022
    212.888.9000 212.888.9664 ·
  2. Harold B. Obstfeld
    260 Madison Avenue, Harold B. Obstfeld, NY 10016
    212.696.1210 ·
  3. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
No Document Title Filing Date
COURT: D. Colorado
DOCKET #: 99-CV-2235
JUDGE: Hon. Lewis T. Babcock
DATE FILED: 05/30/2000
CLASS PERIOD START: 11/15/1999
CLASS PERIOD END: 11/16/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Beatie & Osborne LLP
    599 Lexington Avenue, 42nd Floor, Beatie & Osborne LLP, NY 10022
    212.888.9000 212.888.9664 ·
  2. Brobeck, Phleger & Harrison

    ·
  3. Charles Lilley & Associates (former Denver)
    707 Seventeenth Street #2900, Charles Lilley & Associates (former Denver), CO 80202
    303.293.9800 ·
  4. Dyer & Shuman, LLP
    801 East 17th Avenue, Dyer & Shuman, LLP, CO 80218-1417
    303.861.3003 800.711.6483 · info@dyershuman.com
  5. Harold B. Obstfeld
    260 Madison Avenue, Harold B. Obstfeld, NY 10016
    212.696.1210 ·
  6. Hill & Robbins, P.C.
    1441 18th Street, #100, Hill & Robbins, P.C., CO 80202
    303.296.8100 303.296.2388 · webmaster@hillandrobbins.com
  7. Law Offices of Charles J. Piven, P.A.
    World Trade Center-Baltimore,401 East Pratt Suite 2525, Law Offices of Charles J. Piven, P.A., MD 21202
    410.332.0030 · pivenlaw@erols.com
  8. Leo W. Desmond
    2161 Palm Beach Lakes Boulevard, Suite 204, Leo W. Desmond, FL 33409
    561.712.8000 561.712.8000 · stocklaw@bellsouth.net
  9. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
  10. Shepherd & Geller LLC
    117 Gayley Street, Suite 200, Shepherd & Geller LLC, PA 19063
    ·
  11. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date