Case Page

 

Case Status:    DISMISSED    
On or around 01/23/2014 (Other)

Filing Date: February 01, 2012

According to a press release dated February 1, 2012, the Complaint alleges that, throughout the Class Period, the Company conditioned investors to believe that the Company's product, a gel intended to prevent preterm births in women with short cervices, would receive FDA approval through a host of materially false and misleading statements regarding the safety and efficacy of the product, as well as reportedly positive results from clinical trials.

On January 17, 2012, the FDA published information ahead of a meeting by the Advisory Committee for Reproductive Health Drugs of the FDA scheduled for January 20, 2012. The FDA documents revealed that the product did "not support the efficacy of progesterone gel compared with placebo in reducing the risk of preterm births before 33 completed weeks of gestation among women with a short cervical strength." Moreover, the safety of the gel was similar to a placebo as "[n]o maternal deaths occurred and the rates of fetal, neonatal and infant deaths were similar in both treatment arms." As a result of this revelation, the Company’s shares declined $1.305 per share or more than 54%, to close at $1.095 per share on January 17, 2012.

On May 9, 2012, the Court issued an Order consolidating cases, appointing lead plaintiffs, and approving the selection of lead counsel. On June 8, the plaintiffs filed their consolidated and amended complaint.

On June 11, 2013, the Court issued an Order granting the Defendants' Motion to Dismiss. Plaintiffs were given leave to file an amended complaint.

On July 11, 2013, the plaintiffs filed their consolidated second amended complaint.

On October 21, 2013, the Court issued an Order granting defendants' Motions to Dismiss. Plaintiffs may make a motion seeking leave to file an amended complaint. Plaintiffs declined to file an amended complaint, thus the Court issued an Order dismissing this case with prejudice on December 2, 2013. This Order was appealed by the Plaintiffs on December 20th.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: CBRX
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: D. New Jersey
DOCKET #: 12-CV-00614
JUDGE: Hon.Faith S. Hochberg
DATE FILED: 02/01/2012
CLASS PERIOD START: 12/06/2010
CLASS PERIOD END: 01/20/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bronstein, Gewirtz & Grossman, LLC (New York)
    60 East 42nd Street - Suite 4600, Bronstein, Gewirtz & Grossman, LLC (New York), NY 10165
    212.697.6484 212.697.7296 · info@bgandg.com
  2. Carella, Byrne, Cecchi, Olstein, Brody & Agnello, P.C.
    5 Becker Farm Road , Carella, Byrne, Cecchi, Olstein, Brody & Agnello, P.C., NJ 07068
    (973) 994-1700 (973) 994-1744 ·
  3. Pomerantz Haudek Block Grossman & Gross LLP (Chicago)
    10 South LaSalle Street, Suite 3505, Pomerantz Haudek Block Grossman & Gross LLP (Chicago), IL 60603
    312.377.1181 312.377.1181 ·
  4. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: D. New Jersey
DOCKET #: 12-CV-00614
JUDGE: Hon.Faith S. Hochberg
DATE FILED: 06/08/2012
CLASS PERIOD START: 12/06/2010
CLASS PERIOD END: 01/20/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bronstein, Gewirtz & Grossman, LLC (New York)
    60 East 42nd Street - Suite 4600, Bronstein, Gewirtz & Grossman, LLC (New York), NY 10165
    212.697.6484 212.697.7296 · info@bgandg.com
  2. Carella, Byrne, Cecchi, Olstein, Brody & Agnello, P.C.
    5 Becker Farm Road , Carella, Byrne, Cecchi, Olstein, Brody & Agnello, P.C., NJ 07068
    (973) 994-1700 (973) 994-1744 ·
  3. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date