On March 15, 2011, according to the press release, a class action lawsuit has been filed on behalf of investors who purchased the common stock of Radien pharmaceuticals Corporation during the period between January 18, 2011 and March 4, 2011, inclusive, seeking to recover damages for violations of federal securities laws. The Complaint asserts violations of the Securities Exchange Act against Radient and its officers and directors for materially misrepresenting the involvement of the prestigious Mayo Clinic in the Company's clinical trial of Onko-Sure. On January 18, 2011, Radient issued a press release announcing "progress on its clinical study with the Mayo Clinic..." In connection with the clinical study, the Company claimed that samples were being tested by the Company and the Mayo Clinic to directly compare the efficacy of the Onko-Sure test with another test. On March 7, 2011, TheStreet.com issued an article refuting claims that the Mayo Clinic was conducting a clinical trial with Radient. In the article, the Mayo Clinic is quoted as stating that: "Mayo is not engaged in clinical studies with Radient and does not have a partnership agreement with Radient." The Mayo Clinic added that: "The services Mayo was required to provide toRadient have been fulfilled. Any clinical study results about Onko-Sure would be provided by Radient, not Mayo Clinic." As a result of this adverse news, the price of Radient stock fell, damaging investors.
On June 6, 2011, the Court issued an order appointing Quintana Group as lead plaintiff and approved The Rosen Law Firm, P.A. as lead counsel.
The lead plaintiff's filed an amended complaint on July 8, 2011, alleging violations of Sections 10(b) and 20(a) of the Exchange Act and the rules and regulations promulgated thereunder, specifically Rule 10b-5.
On October 20, 2011, the Court issued an Order denying the Defendant's Motion to Dismiss.
On May 17, 2013, the Court Denied the Defendants’ Motions for Summary Judgment in all respects except that the Court Granted Defendant Ariura’s Motion for summary judgment as to the Section 20(a) claim.