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Case Status:    SETTLED
On or around 02/16/2006 (Date of order of final judgment)

Filing Date: February 23, 2001

According to the docket posted, on February 15, 2006, the settlement hearing was held before U.S. District Judge Stephen C. Robinson. The settlement was accepted by court as reasonable and the Court entered the Final Judgment and Order of Dismissal with Prejudice the next day.

By the Notice of Pendency of Class Action and Settlement, the proposed settlement, in the amount of $4,750,000, is embodied in a Stipulation of Settlement dated November 2, 2005, which has been filed with the Court. A hearing will be held on February 15, 2006 to consider whether: (1) the proposed settlement is fair, reasonable, adequate, and in the best interests of the Class and should be approved; (2) the Action should be dismissed with prejudice; (3) the Plan of Allocation should be approved; and (4) the application of Lead Counsel for attorneys’ fees and reimbursement of expenses and the payment of compensatory awards to the Class Representatives should be approved.

As summarized by the Company’s FORM 10-QSB for the quarterly period ended September 30, 2005, on March 1, 2001 and March 19, 2001, two additional similar lawsuits were filed by other former shareholders of MBI. In May 2001, the actions were consolidated. The plaintiffs were seeking rescission or compensatory damages, payment of fees and expenses, and further relief. In January 2002, the plaintiffs filed a second amended complaint adding an additional securities claim against us and the named officers. In August 2003, the court granted summary judgment as to certain securities claims and dismissed the claims, and denied summary judgment as to other securities claims. On November 3, 2005, the Court preliminarily approved a settlement reached by the parties, which will be funded by the Company's insurers. A hearing for final approval of the settlement has been scheduled for February 15, 2006.

The original complaint alleges that defendants iolated federal securities laws by issuing materially false and misleading registration statements in connection with its merger with Molecular Biosystems. The complaint alleges that the defendants issued materially false and misleading information regarding Oxygent in the merger related registration statements. Yet only five days after the merger was completed, the defendants, for the first time, publicly disclosed that enrollment for its Phase III cardiac surgery study concerning Oxygent in the US would be suspended indefinitely. Accordingly, it became evident that Oxygent would not be ready for the market in the foreseeable future.


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


Ticker Symbol: ALLP
Company Market: NASDAQ
Market Status: OTC

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. New York
DOCKET #: 01-CV-1674
JUDGE: Hon. Charles L. Brieant
DATE FILED: 02/23/2001
CLASS PERIOD END: 01/22/2001
  1. 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 ·
  2. 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 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 01-CV-1674
JUDGE: Hon. Charles L. Brieant
DATE FILED: 02/14/2002
CLASS PERIOD END: 01/08/2001
  1. Wechsler Harwood, LLP.
    488 Madison Avenue 8th Floor, Wechsler Harwood, LLP., NY 10022
    212.935.7400 212.753.3630 ·
No Document Title Filing Date
No Document Title Filing Date