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Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in BioSante Pharmaceuticals, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the April 6, 2012 Lead Plaintiff Deadlin
2012-02-14 16:02 ET - News Release
STEVENSON, MD -- (MARKET WIRE) -- 02/14/12
Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Illinois, Eastern Division, on behalf of all persons or entities who purchased or otherwise acquired the securities of BioSante Pharmaceuticals, Inc. ("BioSante" or the "Company") (NASDAQ: BPAX) during the period between February 12, 2010 and December 15, 2011, inclusive (the "Class Period").
If you have suffered a net loss for all transactions in BioSante Pharmaceuticals, Inc. securities during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than April 6, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that BioSante's statements that clinical data demonstrated that LibiGel had a "statistically significant" effect on female patients treated with the product and that LibiGel was the most clinically advanced pharmaceutical product of its kind in the U.S. and that BioSante's analogizing LibiGel's market potential to the $2 billion dollar market for male erectile drugs, often comparing LibiGel to products like Viagra, Levitra, and Cialis, were exaggerated. After, on December 14, 2011, BioSante disclosed that LibiGel failed to yield positive results in large-scale efficacy tests designed by the Company and that women treated with LibiGel did not experience statistically significant increases in either total satisfying sexual encounters or sexual desire, the value of BioSante shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT:
Charles J. Piven
Brower Piven, A Professional Corporation
Stevenson, Maryland
410/415-6616
Email Contact
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