Zwerling, Schachter & Zwerling, LLP Announces Filing of Securities Class Action Against Northfield Laboratories, Inc. - (NFLD)
April 03 2006 - 6:48PM
PR Newswire (US)
NEW YORK, April 3 /PRNewswire/ -- Zwerling, Schachter &
Zwerling, LLP ("Zwerling Schachter") has filed a class action
lawsuit in the United States District Court for the Northern
District of Illinois on behalf of all persons and entities who
purchased or otherwise acquired the common stock of Northfield
Laboratories, Inc. ("Northfield" or the "Company") (NASDAQ:NFLD)
during the period from February 20, 2004 through February 21, 2006
(the "Class Period"). If you wish to discuss this matter, or have
any questions concerning your rights and interests with respect to
this securities class action litigation, please contact Shaye J.
Fuchs, Esq. at 1-800-721-3900 or by e-mail at . 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 by issuing materially false and misleading statements
during the Class Period which caused Northfield common stock to
trade at artificially inflated prices. These statements were
allegedly materially false and misleading when made because
defendants failed to disclose or indicate that: (a) the Company's
clinical trial was abruptly ended due to serious adverse advents
involving heart attacks and deaths of patients receiving PolyHeme
in the study; (b) the Company's potential earnings from PolyHeme
had been overstated because of the lack of full disclosure as to
the Company's clinical trial's adverse results; (c) defendants had
issued false and misleading statements to investors as to the
progress of, marketability and ultimate success of PolyHeme; (d)
the adverse results of the Company's clinical trial for PolyHeme
would subject Northfield to increased regulatory scrutiny and
greater risk that the FDA might not approve PolyHeme for marketing;
(e) the structure of the Company's PolyHeme drug trials whereby
PolyHeme may be tested on certain trauma patients without consent
would expose Northfield to ethical concerns by medical-ethicists
and regulators, and (f) that as a result, Northfield's future
guidance was materially misstated during the Class Period. On
February 22, 2006, a story in The Wall Street Journal reported that
the data available to defendants from the clinical trial but not to
the public, revealed that ten patients who received PolyHeme
suffered a heart attack within seven days, and two of those died.
The data further showed defendants that none of the patients in the
clinical trial who received real blood were found to have suffered
a heart attack. In the aftermath of receiving this data, defendants
shut down the clinical study and kept this adverse data hidden from
investors. On February 22, 2006, Northfield's common stock fell to
$11.64 a share on over 4.1 million shares traded. If you purchased
shares of Northfield's common stock during the period of February
20, 2004 through February 21, 2006, you may apply to serve as lead
plaintiff. The deadline to move the Court seeking to be appointed
lead plaintiff is May 19, 2006. The lead plaintiff is responsible
for overseeing the prosecution of the action and ensuring that the
interests of the class are protected. You may apply to be appointed
lead plaintiff through Zwerling Schachter. Zwerling Schachter
concentrates in prosecuting class actions nationwide on behalf of
investors. The firm currently plays a leading role in numerous
major securities, antitrust and complex commercial litigations
pending in federal and state courts and has offices in New York
City, Garden City, New York, Boca Raton, Florida and Seattle,
Washington. The firm has been recognized by courts throughout the
country as highly experienced and skilled in complex litigation,
particularly with respect to federal securities class action
litigation. Visit our website at: http://www.zsz.com/. DATASOURCE:
Zwerling, Schachter & Zwerling, LLP CONTACT: Shaye J. Fuchs,
Esq., of Zwerling, Schachter & Zwerling, LLP, 1-800-721-3900,
or Web site: http://www.zsz.com/
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