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Case Status:    SETTLED
On or around 05/30/2007 (Date of order of final judgment)

Filing Date: January 07, 2002

On July 22, 2005, a plaintiffs’ notice of motion and motion for approval of settlements and fees was entered. Just as quickly, an Order and final judgment settling the action was entered on July 29, 2005. In addition, an Order in reply of attorney’s fees was entered on August 03, 2005. Lastly, a motion for an order approving the administrative determinations of CGG accepting and rejecting claims was entered on May 08, 2007. Finally, an Order in regards to the distribution of class settlement fund was entered on May 30, 2007.

According to the docket posted, on March 18, 2005, Judge Richard Owen signed an Order preliminarily approving the proposed settlement. A Settlement Hearing to determine, among other things, whether the proposed settlement is fair, reasonable and adequate was held on July 29, 2005 and Order and Final Judgment approving the Settlement was signed that same day.

In a press release dated January 24, 2005, ImClone Systems Inc. agreed to pay $75 million to settle a 2002 class-action shareholder lawsuit accusing the company of making false or misleading statements about prospects for its Erbitux colon-cancer drug. ImClone will take a $55.4 million charge against its fourth-quarter earnings to cover the portion of the payment not covered by insurance. ImClone said all claims against the company and other named defendants in the class action will be dismissed with prejudice with no admission or finding of wrongdoing on the part of any defendant.

Plaintiffs filed a Corrected Consolidated Amended Class Action Complaint (the “Consolidated Complaint”) on October 22, 2002, which Defendants opposed on November 25, 2002. Thereafter, on March 31, 2003, the Court consolidated all related cases and appointed Lead Plaintiffs and approved their selection of Lead Counsel. On June 4, 2003, the court issued an order granted in part and denied in part Defendants’ motions to dismiss. Defendants filed their Answers to the Consolidated Complaint on June 27, 2003. Plaintiffs filed a motion for class certification on December 22, 2003 and on April 15, 2004, the Court entered an Order certifying the action to proceed as a class action and defined the Class to consist of all persons or entities who purchased ImClone securities during the period between March 27, 2001 and January 25, 2002.

The original Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, by issuing materially false and misleading statements to the market. Throughout the Class Period, defendants issued multiple press releases highlighting the successful progress of its "Fast-Track" application to the U.S. Food and Drug Administration ("FDA") for approval of IMC-C225, its blockbuster drug used for the treatment of colorectal cancer and also known as Erbitux, and the positive impact that the drug's approval would have on the Company's revenues. As alleged in the Complaint, these statements were materially false and misleading because, among other things, (i) defendants failed to comply with the FDA's requirements for filing the "Fast Track" application for approval of Erbitux; and (ii) as such, defendants knew, or should have known, that their deficient application would be rejected and would thus negatively impact the Company's future earnings. The Complaint further alleges that defendants filed their application, despite lacking the skill and expertise to make a proper filing, in order to convince Bristol-Myers Squibb Co. ("Bristol-Myers") to purchase at least $1 billion in ImClone stock, of which approximately $150 million was tendered by ImClone insiders, including the individual defendants, and to convince Bristol-Myers to make an additional $1 billion cash investment in the Company. On Friday evening, December 28, 2001, ImClone disclosed that the FDA had refused to accept the Company's deficient and defective application for approval of Erbitux, confirming almost two weeks of speculation that had already driven down the price of ImClone's stock by 21%, from a Class Period high of $73.83 per share on December 5, 2001 to $55.25 per share at the close of regular trading on December 28, 2001. Immediately following this shocking revelation, however, shares of ImClone dropped precipitously, falling $5.25 per share in after hours trading, or 9.5%, to close that session at $50 per share. On December 31, 2001, shares of ImClone continued to trade lower, and closed at $46.46 per share.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: IMCL
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. New York
DOCKET #: 02-CV-00109
JUDGE: Hon. Richard Owen
DATE FILED: 01/07/2002
CLASS PERIOD START: 05/12/2001
CLASS PERIOD END: 01/04/2002
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. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  3. Berman DeValerio Pease Tabacco Burt & Pucillo (MA)
    One Liberty Square, Berman DeValerio Pease Tabacco Burt & Pucillo (MA), MA 2109
    617.542.8300 617.230.0903 · info@bermanesq.com
  4. Bernard M. Gross
    1500 Walnut Street, Suite 600, Bernard M. Gross, PA 19102
    215.561.3600 215.561.3000 · bmgross@BernardMGross.com
  5. Bernstein Liebhard & Lifshitz, LLP (New York)
    10 E. 40th Street, 22nd Floor, Bernstein Liebhard & Lifshitz, LLP (New York), NY 10016
    800.217.1522 · info@bernlieb.com
  6. Brian Felgoise
    230 South Broad Street, Suite 404 , Brian Felgoise, PA 19102
    215.735.6810 215/735.5185. ·
  7. Brodsky & Smith, LLC (former Pennysylvania)
    11 Bala Avenue, Suite 39, Brodsky & Smith, LLC (former Pennysylvania), PA 19004
    610.668.7987 610.660.0450 · esmith@Brodsky-Smith.com
  8. Bull & Lifshitz
    18 East 41st St., Bull & Lifshitz, NY 10017
    212.213.6222 212.213.9405 ·
  9. Cauley Geller Bowman Coates & Rudman LLP (Little Rock, AR)
    P.O. Box 25438, Cauley Geller Bowman Coates & Rudman LLP (Little Rock, AR), AR 72221-5438
    501.312.8500 501.312.8505 ·
  10. 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
  11. Goodkind Labaton Rudoff & Sucharow LLP
    100 Park Avenue, Goodkind Labaton Rudoff & Sucharow LLP, NY 10017
    212.907.0700 212.818.0477 · info@glrslaw.com
  12. Holzer & Holzer, LLC
    1117 Perimeter Center West, Suite E-107, Holzer & Holzer, LLC, GA 30338
    770.392.0090 770.392-0029 · mfistel@holzerlaw.com
  13. James V. Bashian
    500 Fifth Ave Ste 2800, James V. Bashian, NY 10110
    ·
  14. Kaplan Fox & Kilsheimer, LLP (former New York, NY)
    805 Third Avenue, 22nd Floor, Kaplan Fox & Kilsheimer, LLP (former New York, NY), NY 10022
    212.687.1980 212.687.7714 · info@kaplanfox.com
  15. Kirby McInerney & Squire LLP
    830 Third Avenue 10th Floor, Kirby McInerney & Squire LLP, NY 10022
    212.317.2300 ·
  16. Klayman & Toskes, P.A.
    11 Broadway, Suite 400, Klayman & Toskes, P.A. , NY 10004
    888/997-9956 561/361-9178 · stoskes@nasd-law.com
  17. 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
  18. Law Offices of Marc S. Henzel (Lawrence)
    335 Central Avenue, Law Offices of Marc S. Henzel (Lawrence), NY 11559
    516.374.0707 516.295.3473 · securitiesfraud@comcast.net
  19. Leo W. Desmond
    2161 Palm Beach Lakes Boulevard, Suite 204, Leo W. Desmond, FL 33409
    561.712.8000 561.712.8000 · stocklaw@bellsouth.net
  20. Levy & Levy

    ·
  21. Lowey, Dannenberg, Bemporad & Selinger, P.C.
    1 North Lexington Avenue, 11th Floor, Lowey, Dannenberg, Bemporad & Selinger, P.C., NY 10601-1714
    914.997.0500 914.997.0035 · ldbs@wesetnet.com
  22. 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 ·
  23. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  24. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
  25. Schatz & Nobel, P.C.
    330 Main Street, Schatz & Nobel, P.C., CT 06106
    800.797.5499 860.493.6290 · sn06106@AOL.com
  26. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  27. Scott & Scott LLC (Connecticut)
    P.O. Box 192, 108 Norwich Avenue, Scott & Scott LLC (Connecticut), CT 06415
    860.537.5537 860.537.4432 · scottlaw@scott-scott.com
  28. Shapiro Haber & Urmy LLP (Boston)
    75 State Street, Shapiro Haber & Urmy LLP (Boston), MA 02109
    617.439.3939 617.439.0134 · info@shulaw.com
  29. Spector Roseman & Kodroff (San Diego)
    1818 Market Street, Suite 2500, Spector Roseman & Kodroff (San Diego), PA 19103
    215.496.0300 215.496.6611 ·
  30. 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
  31. Wechsler Harwood LLP
    488 Madison Avenue 8th Floor, Wechsler Harwood LLP, NY 10022
    212.935.7400 · info@whhf.com
  32. Weiss & Yourman (New York, NY)
    The French Building, 551 Fifth Ave., Suite 1600, Weiss & Yourman (New York, NY), NY 10126
    212.682.3025 212.682.3010 · info@wyca.com
  33. 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
  34. 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: S.D. New York
DOCKET #: 02-CV-00109
JUDGE: Hon. Richard Owen
DATE FILED: 10/22/2002
CLASS PERIOD START: 03/27/2001
CLASS PERIOD END: 01/25/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Milberg Weiss Bershad & Schulman LLP (New York)
    One Pennsylvania Plaza, 49th Floor, Milberg Weiss Bershad & Schulman LLP (New York), NY 10119
    212.594.5300 212.868.1229 · info@milbergweiss.com
  2. 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 ·
  3. Scott & Scott LLC (Connecticut)
    P.O. Box 192, 108 Norwich Avenue, Scott & Scott LLC (Connecticut), CT 06415
    860.537.5537 860.537.4432 · scottlaw@scott-scott.com
No Document Title Filing Date
No Document Title Filing Date