CV Therapeutics, Inc. is a biopharmaceutical company focused on the discovery, development and commercialization of new small molecule drugs for the treatment of cardiovascular diseases.

The original Complaint charges CV Therapeutics and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The Complaint alleges that during the Class Period, Defendants artificially inflated the price of CV Therapeutics shares by issuing a series of materially false and misleading statements about the Company's New Drug Application for Ranexa, a drug for the treatment of chronic angina.

The true facts, which were known by each of the Defendants during the Class Period, but were concealed from the investing public, were as follows: (a) That the required regulatory assessment of safety and efficacy requirements for Ranexa was deficient; (b) That, due in part to a major disruption and changes in the Company's relationship with Quintiles Transnational Corp. ("Quintiles"), responsibility for and supervision of the clinical development program was in disarray; (c) That neither the Defendants nor Quintiles possessed sufficient knowledge or experience to effectively deal with the QT interval prolongation or other safety issues facing Ranexa; (d) That the clinical program for Ranexa was so defective that it prohibited, even with reasonable application of additional resources, the imposition of the required form or administrative requirements in the expeditious manner necessary to meet FDA deadlines for data presentation to the advisory committee; (e) That the Company misled the FDA into believing that the application and studies were in order for Ranexa as late as July 7, 2003, the date the FDA informed the Company of the meeting; (f) That the Company misled the FDA into believing that it could prepare its briefing package for the Advisory Committee meeting by the deadline; (g) That, for one or more reasons related to unmet safety or efficacy requirements for the drug, the NDA for Ranexa could not be approved as submitted; and (h) That the failure to disclose the defective nature of the early clinical program or other obstacles preventing the Company from meeting the briefing package deadline would prevent investors from learning the extent of the misrepresentations made to them during the Class Period. As a result of the Defendants' false statements, CV Therapeutics stock traded at inflated prices during the Class Period, increasing to as high as $37.80 on June 5, 2003, whereby the Company sold $100 million worth of its own securities.

As disclosed by the Company’s FORM 10-Q for the quarterly period ended September 30, 2006, several other purported securities class action lawsuits containing substantially similar allegations were filed against the Defendants. In November 2003, the court appointed a lead Plaintiff, and in December 2003, the court consolidated all of the securities class actions filed to date into a single action captioned In re CV Therapeutics, Inc. Securities Litigation. In January 2004, the lead Plaintiff filed a consolidated Complaint. The Company and the other named Defendants filed motions to dismiss the consolidated Complaint in March 2004. In August 2004, these motions were granted in part and denied in part. The court granted the motions to dismiss by two individual Defendants, dismissing both individuals from the action with prejudice, but denied the motions to dismiss by the Company and the two other individual Defendants. After the motions to dismiss were decided, this action entered the discovery phase. In October 2006, the Company reached a preliminary agreement to settle this action. Under the terms of the preliminary agreement, the Company’s insurers will pay an aggregate of $13.5 million to settle all claims and to pay the court-approved fees of Plaintiff’s Counsel. The Defendants will receive a complete release of all claims and expressly deny any wrongdoing. The preliminary agreement is subject to standard conditions, including final court approval.

On December 8, 2006, a Stipulation of Settlement was filed with the court. Both parties agreed to a settlement of $13,500,000.

On March 9, 2007, the Court entered the Final Judgment and Order of Dismissal with Prejudice signed by U.S. District Judge Susan Illston. According to the Order, the settlement is approved. The same day, the Court entered the Order approving the plan of allocation of settlement proceeds.

On April 4, 2007, the Court entered the Order granting in part and denying part the motion for attorney fees. According to the Order, the Court hereby awards lead Counsel attorneys’ fees of 30% of the Settlement Fund and $380,738.38 in expenses. Finally, the Court awards lead Plaintiff David Crossen the amount of $26,000.00 for reimbursement of time and expenses incurred in representing the class.