Securities Class Action Lawsuit Filed Against Nuvelo, Inc.
A class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all securities purchasers of Nuvelo, Inc. from January 5, 2006 through December 8, 2006, alleges Nuvelo and certain of its officers and directors with violations of the Securities Exchange Act of 1934.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin Barroway Topaz & Kessler.
The Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the clinical trial information regarding multiple alfimeprase studies was inaccurate; (2) specifically, clinical data from testing failed to show that alfimeprase, when administered through a catheter, could dissolve blood clots; (3) that no reliable data existed to show that alfimeprase would meet the high standards for efficacy for FDA approval; (4) that such information, as described above, was known to Defendants as early as December 2004, when Amgen discontinued its investment in alfimeprase; and (5) that, as a result of the above, the Company’s statements concerning alfimeprase and its clinical trials were lacking in any reasonable basis when made.
If you are a member of the class described above, you may, not later than April 10, 2007, move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation.
Filed under Class Action, General Law
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