Case Page

 

Case Status:    DISMISSED    
On or around 07/14/2009 (Date of order of final judgment)

Filing Date: July 13, 2007

The original complaint alleges that during the Class Period defendants violated the federal securities laws by issuing a series of materially false and misleading statements to the market about the Company and by failing to disclose material information about the Company's plan to merge with Genzyme and that when the market learned the truth, the price of Bioenvision securities increased substantially. The claims brought seek to recover the difference between the price for which members of the prospective class sold shares and the price for which they would have been able to sell shares had the Company timely disclosed its merger intentions.

On November 2, 2007, the Court appointed Bert Valadimir and Gary Thesling as co-lead plaintiffs and approved their selection of Squitieri & Fearon, LLP as lead counsel. The plaintiffs were given 20 days to file a consolidated amended complaint. On November 27, 2007, the plaintiffs filed a Supplemental Amended Class Action Complaint. On January 30, 2008, the defendants filed motions to dismiss.

On March 31, 2009, Judge Sidney H. Stein issued the Opinion and Order #97341. According to the Order, Plaintiffs either have not alleged a duty to disclose the merger discussions or have failed to set forth their securities fraud claims with the requisite level of particularity. Plaintiffs therefore have failed to state a claim upon which relief can be granted. The Bioenvision defendants motion to dismiss the complaint pursuant to Rule 12(b)(6) of the Federal Rules of Civil Procedure is granted without prejudice. Perseus-Soross motion to dismiss is also granted without prejudice. If plaintiffs intend to submit a second supplemental amended complaint, they shall do so within 14 days of the entry of this Opinion and Order.

On April 16, 2009, the lead plaintiffs filed a Second Amended Class Action Complaint. On April 29, 2009, an Order was filed withdrawing the Second Amended Complaint and allowing the filing of a Third Amended Complaint. On May 1, 2009, the lead plaintiffs filed a Third Amended Complaint. On June 8, 2009, the defendants filed a motion to dismiss the Third Amended Class Action Complaint. On July 10, 2009, a Stipulation and Order was filed withdrawing the Third Amended Consolidated Class Action Complaint and entering the Memorandum and Opinion dated March 31, 2009 as the final judgment. On July 14, 2009, the Court issued the Clerk’s Judgment entering the Opinion dated March 31, 2009 as a final judgment.

On August 13, 2009, the plaintiff filed a notice of appeal from the Opinion and Judgment dismissing the action. On May 21, 2010, the Court entered the Mandate from the Second Circuit Court of Appeals. The judgment of the District Court was affirmed.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: BIVN
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 #: 07-CV-06416
JUDGE: Hon. Sidney H. Stein
DATE FILED: 07/13/2007
CLASS PERIOD START: 05/01/2007
CLASS PERIOD END: 05/28/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Harwood Feffer LLP
    488 Madison Avenue 8th Floor, Harwood Feffer LLP, NY 10022
    212.935.7400 212.753.3630 · info@whhf.com
  2. Squitieri & Fearon LLP (New York)
    420 5th Avenue, 18th Floor, Squitieri & Fearon LLP (New York), NY 10018
    212.575.2092 212.575.2184 · lee@sfclasslaw.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 07-CV-06416
JUDGE: Hon. Sidney H. Stein
DATE FILED: 05/01/2009
CLASS PERIOD START: 04/11/2007
CLASS PERIOD END: 05/28/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Squitieri & Fearon LLP (New York)
    32 East 57th Street, 12th Floor, Squitieri & Fearon LLP (New York), NY 10022
    212.421.6492 212.421.6492 · info@sfclasslaw.com
No Document Title Filing Date
No Document Title Filing Date