Repros® Announces Dismissal of Class Action Lawsuits
March 03 2011 - 5:02PM
Business Wire
Repros Therapeutics Inc.® (NasdaqCM:RPRX, RPRXW and RPRXZ) today
announced that the pending class action securities lawsuits that
were filed against it during 2009 have been dismissed.
As was previously announced, several securities fraud class
action lawsuits were filed in federal court for the Southern
District of Texas against the Company and various of its current or
former officers and directors in August and September 2009. The
plaintiffs in these lawsuits alleged that the defendants made
certain misleading statements related to the Company's Proellex®
drug, including that the defendants misrepresented the side effects
of the drug related to liver function and the risk that these side
effects could cause a suspension of clinical trials on Proellex®.
The lawsuits were consolidated under the caption In re Repros
Therapeutics, Inc. Securities Litigation, Civil Action No. 09 Civ.
2530 (VDG), and the court appointed lead plaintiffs and class
counsel. Lead plaintiffs filed a consolidated amended complaint
making essentially the same allegations as had been made in the
prior complaints. Lead plaintiffs sought to represent a class of
all persons who purchased or otherwise acquired Repros common stock
between July 1, 2009 and August 2, 2009, and asserted claims under
the Securities Exchange Act of 1934. Defendants filed a motion
to dismiss the complaint. On January 19, 2011, the court granted
the defendants' motion to dismiss and entered a final judgment
dismissing the case. The time for plaintiffs to file an appeal of
that order has expired.
About Repros Therapeutics Inc.
Repros Therapeutics focuses on the development of oral small
molecule drugs for major unmet medical needs that treat male and
female reproductive disorders.
Any statements that are not historical facts contained in this
release are forward-looking statements that involve risks and
uncertainties, including Repros' ability to have the partial hold
on Proellex lifted and to determine a safe and effective dose for
Proellex, and such other risks which are identified in the
Company's most recent Annual Report on Form 10-K and in any
subsequent quarterly reports on Form 10-Q. These documents are
available on request from Repros Therapeutics or at www.sec.gov.
Repros disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise.
For more information, please visit the Company's website at
http://www.reprosrx.com.
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