The Law Firm of Lasky & Rifkind, Ltd. Announces Class Action Lawsuit Against Northfield Laboratories, Inc.
March 22 2006 - 11:35AM
Business Wire
Lasky & Rifkind, Ltd., a law firm with offices in New York and
Chicago, announces that a lawsuit has been filed in the United
States District Court for the Northern District of Illinois, on
behalf of persons who purchased or otherwise acquired publicly
traded securities of Northfield Laboratories, Inc. ("Northfield" or
the "Company") (NASDAQ:NFLD) between February 20, 2004 and February
21, 2006, inclusive, (the "Class Period"). The lawsuit was filed
against Northfield and Steven A. Gould ("Defendants"). If you are a
member of this class and wish to view a copy of a complaint and
join this class action, please e-mail us at
investorrelations@laskyrifkind.com and request a copy of the
complaint and a plaintiff certification. If you are a member of the
Class, you may move the Court no later than May 16, 2006 to serve
as a lead plaintiff for the Class. Any member of the purported
class may move the Court to serve as lead plaintiff through counsel
of their choice, or may choose to do nothing and remain an absent
class member. However, if you choose to remain an absent class
member, unless and until a class is certified, you are not
represented by counsel. The complaint alleges that Defendants
violated Sections 10(b) and 20(a) of the Securities Exchange Act of
1934 and Rule 10b-5 promulgated thereunder. Specifically, the
complaint alleges that Defendants issued a series of materially
false and misleading statements regarding the safety of PolyHeme, a
blood substitute. More specifically, the Company failed to disclose
negative data from an ANH study concerning ten patients who had
heart attacks within seven days of taking PolyHeme, and that two of
those patients had subsequently died. On February 22, 2006, the
Wall Street Journal reported that data available to the Company
from the ANH trial, but not the public, indicated that ten out of
eighty one patients who received PolyHeme suffered a heart attack
within seven days, and two subsequently died. When this was
revealed in the article on February 22, 2006, shares of Northfield
reacted negatively, falling from $12.23 per share to $11.64 per
share, or a one-day decline of 5%. Shares have continued to fall in
reaction to an inquiry by Senator Charles E. Grassley, Chairman of
the U.S. Senate Finance Committee, as well as an inquiry by the
SEC. If you bought Northfield securities between February 20, 2004
and February 21, 2006, inclusive, and would like to obtain
information about the lawsuit, then you are invited to call (800)
495-1868 to speak with an advisor.
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