Case Page

 

Case Status:    DISMISSED    
On or around 10/23/2013 (Court's order of dismissal)

Filing Date: February 03, 2012

According to a press release dated February 3, 2012, the complaint alleges that beginning on February 12, 2010, the Company, along with its Chief Executive Officer, issued a series of materially false and misleading statements to investors about a product’s commercial viability, effectiveness, and market potential that caused shares of the Company to trade at artificially high prices. Specifically, it is alleged that officials at the Company boasted that clinical data demonstrated that the product had a “statistically significant” effect on female patients treated with the product, and that the product was “the most clinically advanced pharmaceutical product in the U.S.” Additionally, it is alleged that the Company and its Chief Executive Officer misled investors by routinely analogizing the product’s market potential to the $2 billion dollar market for male erectile drugs, often comparing it to products like “Viagra, Levitra, and Cialis.”

On December 14, 2011, the Company issued a press release disclosing for the first time that the product failed to yield positive results in large-scale efficacy tests designed by the Company. According to study results, women treated with the product did not experience statistically significant increases in either total satisfying sexual encounters or sexual desire. On this news, shares declined by over 75% of their value. After trading as high as $2.52 on December 13, 2011, shares of the Company closed on December 19, 2011, at just $0.38 per share.

On September 6, 2012, the Court issued an Order appointing lead plaintiffs and approving the selection of lead counsel.

On November 6, 2012, the Plaintiffs filed their consolidated complaint.

On September 11, 2013, the Court issued a Memorandum Opinion and Order granting defendants' motion to dismiss. Plaintiffs were given leave to file an amended complaint. Plaintiffs did not file an amended complaint, so the Court ordered this case to be terminated on October 23rd.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: BPAX
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: N.D. Illinois
DOCKET #: 12-CV-00772
JUDGE: Hon.Joan B. Gottschall
DATE FILED: 02/03/2012
CLASS PERIOD START: 02/12/2010
CLASS PERIOD END: 12/15/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Lasky & Rifkind, Ltd. (Chicago)
    350 North LaSalle Street, Suite 1320, Lasky & Rifkind, Ltd. (Chicago), IL 60654
    (312)634-0057 (312)634-0059 ·
  2. Robbins Umeda LLP
    600 B Street, Suite 1900, Robbins Umeda LLP, CA 92101
    (619) 525-3990 619.525.3991 ·
No Document Title Filing Date
COURT: N.D. Illinois
DOCKET #: 12-CV-00772
JUDGE: Hon.Joan B. Gottschall
DATE FILED: 11/06/2012
CLASS PERIOD START: 02/08/2010
CLASS PERIOD END: 12/15/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Faruqi & Faruqi LLP (New York)
    685 3rd Avenue 26th Floor, Faruqi & Faruqi LLP (New York), NY
    212..983.9330 212..983.9331 ·
  2. Salas Wang LLC
    155 North Wacker Drive Suite 4250, Salas Wang LLC, IL 60606
    312.803.4963 312.244.3151 ·
No Document Title Filing Date