Case Page

 

Case Status:    SETTLED
On or around 10/15/2013 (Ongoing date of last review)

Filing Date: March 12, 2010

According to a press release dated March 12, 2010, the complaint alleges that, throughout the Class Period, defendants failed to disclose material adverse facts about the Company’s business and prospects. Specifically, the complaint alleges that defendants failed to disclose: (a) that the Special Protocol Assessment (“SPA”) with the United States Food and Drug Administration (“FDA”) for pixantrone was invalidated in March 2008; (b) that the Company’s pixantrone study enrolled a large number of patients who did not suffer from aggressive non-Hodgkin’s lymphoma; (c) that the Company’s pixantrone drug was cardiotoxic; and (d) that, as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about pixantrone and its prospects.

On February 8, 2010, the FDA posted its assessment of pixantrone in advance of its February 10, 2010 advisory meeting. With regard to the regulatory history of pixantrone, the FDA Briefing Document stated, among other things, that the Company’s SPA was invalidated in March 2008 and that the Company’s pixantrone study results were not meeting the FDA’s standards for approval.

On August 2, 2010, Judge Marsha J. Pechman signed the Order consolidating several actions under the lead case, and appointed the CTIC Investor Group as Lead Plaintiff and approved Brower Piven as Lead Counsel and Zwerling, Schachter & Zwerling as Liaison Counsel. On September 27, 2010, the lead plaintiff filed a Consolidated Amended Class Action Complaint. The defendants filed a motion to dismiss on October 27, 2010.

On February 4, 2011, Judge Marsha J. Pechman granted in part and denied in part the motion to dismiss. According to the Order, the allegations by Plaintiffs in their Consolidated Amended Complaint create a “strong inference” of scienter which is at least as cogent and compelling as the inference urged by Defendants. Plaintiffs have adequately pled loss causation regarding both “corrective disclosures.” None of Defendants’ statements (except their SEC filings) are entitled to “safe harbor” protection. “Control person liability” has been sufficiently alleged based on the allegations of 10(b) and 10b-5 violations. The claim for insider trading alleged against one individual defendant will remain; the insider trading claims against the other Defendants will be dismissed.

Jury trial has been set for June 2012. Plaintiffs shall file their motion for class certification on or before February 15, 2012.

On March 16, 2012, the Court issued an Order Granting Preliminary Approval Of Settlement, Granting Conditional Class Certification, And Providing For Notice.

On July 25, 2012, the Court issued an Order Awarding Attorneys' Fees and Expenses.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: CTIC
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: W.D. Washington
DOCKET #: 10-CV-00414
JUDGE: Hon. Marsha J. Pechman
DATE FILED: 03/12/2010
CLASS PERIOD START: 05/05/2009
CLASS PERIOD END: 02/08/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    58 South Service Road, Suite 200, Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@csgrr.com/
  2. Dyer & Berens LLP (former)
    682 Grant Street, Dyer & Berens LLP (former), CO 80203-3507
    303.861.1764 303.861.1764 · contact@dyerberens.com
  3. Hagens Berman Sobol Shapiro LLP (New Seattle)
    1918 Eighth Ave. Suite 3300, Hagens Berman Sobol Shapiro LLP (New Seattle), WA 98101
    206.623.7292 206.623.0594 ·
No Document Title Filing Date
COURT: W.D. Washington
DOCKET #: 10-CV-00414
JUDGE: Hon. Marsha J. Pechman
DATE FILED: 09/27/2010
CLASS PERIOD START: 03/25/2008
CLASS PERIOD END: 03/22/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Brower Piven (New York)
    488 Madison Avenue. Eighth Floor, Brower Piven (New York), NY 10022
    212.501.9000 212.501.0300 · info@browerpiven.com
No Document Title Filing Date