A class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of all purchasers of securities of GPC Biotech AG from December 5, 2005 through July 24, 2007, inclusive (the “Class Period”).
The Complaint charges GPC and certain of its officers and directors with violations of the Securities Exchange Act of 1934. GPC is a biopharmaceutical company engaged in the discovery, development and commercialization of new drugs to treat cancer. Specifically, 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 U.S. Federal Drug Administration (”FDA”) had previously expressed disapproval regarding the Company’s choice of methodology and a primary endpoint in the satraplatin studies; (2) that the Company continued to evaluate satraplatin using the disputed endpoint; (3) that the Company disregarded the FDA’s previously expressed concerns about the disputed primary endpoint, and submitted the satraplatin study results to the FDA with the disputed primary endpoint supporting its satraplatin New Drug Application (”NDA”); (4) that the FDA’s evaluators would be unable to determine disease progression from the Company’s NDA submission; and (5) that the interim data submitted with the NDA would not allow the FDA to conclude that satraplatin was more effective than placebo in terms of overall survival.
If you are a member of the class described above, you may, not later than September 24, 2007, move the Court to serve as lead plaintiff of the class, if you so choose. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class.