Case Page

 

Case Status:    DISMISSED    
On or around 05/09/2001 (Date of order of final judgment)

Filing Date: June 13, 2000

As reported by the Company’s FORM 10-Q for the quarterly period ended March 31, 2001, in June and July 2000, six class action lawsuits were filed and later combined into one. The Company and the individual defendants have filed a motion to dismiss the complaint. On May 9, 2001, the complaint was dismissed with prejudice.

The original complaint charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between November
8, 1999, and June 9, 2000. For example, as alleged in the complaint, on
November 8, 1999, defendants reported that the Company's operating results for its third fiscal quarter improved over the comparable 1998 period, and stated that a Swiss company, Ares-Sereno, had paid $68 million to the Company for the marketing rights to the fertility drug Crinone which was manufactured by Columbia. Defendants knew, or recklessly disregarded, that the statement was false because Ares-Sereno did not have a finalized license to market the drug, and because additional profitability from Crinone could not be recognized until the second half of fiscal 2000. Defendants further represented, in the Company's March 16, 2000 Annual Report to Shareholders, that the Company was optimistic that a double blind testing of the Company's anti-AIDS spreading drug,"Advantage-S", would prove the drug's effectiveness in the fight against the spread of AIDS. In fact, the Company knew, or recklessly disregarded, that it had no basis for its optimistic statements regarding the Advantage-S study. When the Company reported, on June 12, 2000, that the Advantage-S study revealed the drug to be no more effective at stemming the spread of the AIDS virus than the placebo, the Company's stock price dropped by 55%. As an explanation, defendants stated that because the study was "double blind," they could not, and did not, know of its results until its completion.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: COB
Company Market: American SE
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. Florida
DOCKET #: 00-CV-2112
JUDGE: Hon. James Lawrence King
DATE FILED: 06/13/2000
CLASS PERIOD START: 11/08/1999
CLASS PERIOD END: 06/09/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cauley, Geller, Bowman, Coates & Rudman LLP (San Diego, CA)
    225 Broadway, Suite 1900, Cauley, Geller, Bowman, Coates & Rudman LLP (San Diego, CA), CA 92010
    619.702.7350 619.702.7351 ·
  2. 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
  3. Law Offices of Leo W. Desmond
    2161 Palm Beach Lakes Blvd., Suite 204, Law Offices of Leo W. Desmond, FL 33409
    888.337.6663 · Info@SecuritiesAttorney.com
  4. Milberg Weiss Bershad Hynes & Lerach LLP (Boca Raton)
    The Plaza, Suite 900, 5355 Town Center Road, Milberg Weiss Bershad Hynes & Lerach LLP (Boca Raton), FL 33486
    561.361.5000 ·
  5. 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 ·
  6. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  7. Spector Roseman & Kodroff (San Diego)
    1818 Market Street, Suite 2500, Spector Roseman & Kodroff (San Diego), PA 19103
    215.496.0300 215.496.6611 ·
  8. 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
  9. 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
COURT: S.D. Florida
DOCKET #: 00-CV-2112
JUDGE: Hon. James Lawrence King
DATE FILED: 10/20/2000
CLASS PERIOD START: 11/08/1999
CLASS PERIOD END: 06/09/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abbey Gardy, LLP (New York)
    212 East 39th Street, Abbey Gardy, LLP (New York), NY 10016
    212.889.3700 · info@abbeygardy.com
  2. Goodkind Labaton Rudoff & Sucharow LLP
    100 Park Avenue, Goodkind Labaton Rudoff & Sucharow LLP, NY 10017
    212.907.0700 212.818.0477 · info@glrslaw.com
  3. Milberg Weiss Bershad Hynes & Lerach LLP (Boca Raton)
    The Plaza, Suite 900, 5355 Town Center Road, Milberg Weiss Bershad Hynes & Lerach LLP (Boca Raton), FL 33486
    561.361.5000 ·
  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 ·
No Document Title Filing Date