Allos Therapeutics, Inc. (MM) (NASDAQ:ALTH)
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Geller Rudman Announces Class Action Lawsuit Against Allos
Therapeutics, Inc. on Behalf of Investors
NEW YORK, May 24 /PRNewswire/ -- The Law Firm of Geller Rudman, PLLC announced
today that a class action lawsuit has been filed in the United States District
Court for the District of Colorado on behalf of purchasers of Allos
Therapeutics, Inc. ("Allos" or the "Company") publicly traded securities
during the period between April 23, 2003 and May 3, 2004, inclusive (the "Class
Period"). A copy of the complaint filed in this action is available from the
Court, or can be viewed on the firm's website at
http://www.geller-rudman.com/view_case.asp?cID=293 .
The complaint charges that Allos and Michael Hart violated Sections 10(b) and
20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated
thereunder, by issuing a series of material misrepresentations to the market
between April 23, 2003 and May 3, 2004, about its cancer drug RSR13, thereby
artificially inflating the price of Allos' common stock. More 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 study failed to demonstrate
benefits of RSR13 plus WBRT over WBRT alone for patients with brain metastases;
(2) that the Company conducted only one pivotal efficacy study, where according
to the usual requirement of the Agency for approval and marketing a new drug,
the sponsor needs to demonstrate the efficacy of the new drug in at least two
independent well-controlled clinical trials; (3) that observed apparent
survival advantage in a single small subgroup of patients with primary breast
cancer based on post-hoc analysis is attributable solely to the treatment
effect and not due to imbalances in known and unknown prognostic factors; (4)
that, as a result of the foregoing, the statements made by the Company about
RSR13 were materially false or misleading.
On May 3, 2004, Allos announced that the FDA Oncologic Drugs Advisory Committee
("ODAC") did not recommend approval of the company's investigational radiation
sensitizer RSR13 (efaproxiral) as an adjunct to whole brain radiation therapy
for the treatment of patients with brain metastases originating from breast
cancer. News of this shocked the market. Shares of Allos fell $5.83 per share
or 40% on April 30, 2004 to close at $8.60 per share.
If you bought Allos publicly traded securities between April 23, 2003 and May
3, 2004, inclusive, and you wish to serve as lead plaintiff, you must move the
Court no later than July 19, 2004. If you are a member of this class, you can
join this class action online at http://www.geller-rudman.com/ . Any member of
the purported class may move the Court to serve as lead plaintiff through
Geller Rudman or other counsel of their choice, or may choose to do nothing and
remain an absent class member.
Geller Rudman, PLLC is a national law firm that represents investors and
consumers in class action and corporate governance litigation. It is one of
the country's premier firms in the area of securities fraud, with in-house
finance and forensic accounting specialists and extensive trial experience.
Since its founding, Geller Rudman, PLLC has grown to become one of the most
respected and successful firms representing investors and consumers in class
action litigation. The firm came of age under the client focused realities of
the Private Securities Litigation Reform Act of 1995, which provided new
opportunities for institutional investors to assume leadership in combating
securities fraud.
The firm's lawyers have achieved substantial recoveries for aggrieved investors
and consumers in class action lawsuits prosecuted in state and federal courts
throughout the nation. Geller Rudman, PLLC maintains a widely recognized
reputation for excellence, as courts have repeatedly appointed the firm to
major positions in intricate multi-district or consolidated litigations. In
this regard, Geller Rudman, PLLC has successfully pursued hundreds of class
action lawsuits, has taken a lead role in numerous complex litigations on
behalf of defrauded investors and consumers and has been responsible for
billions in recoveries as well as landmark corporate governance changes. The
firm maintains offices in Boca Raton and New York.
If you have any questions about how you may be able to recover for your losses,
or if you would like to consider serving as one of the lead plaintiffs in this
lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's
website at http://www.geller-rudman.com/ .
Contact:
GELLER RUDMAN, PLLC
Samuel H. Rudman, Esq. or David A. Rosenfeld, Esq.
Client Relations Department:
200 Broadhollow, Suite 406
Melville, NY 11747
631-367-7100
Toll Free: 1-877-992-2555
Fax: 1-631-367-1173
E-mail:
DATASOURCE: Geller Rudman, PLLC
CONTACT: Samuel H. Rudman, Esq. or David A. Rosenfeld, Esq., both of
Geller Rudman, PLLC, +1-631-367-7100, or +1-877-992-2555, or fax,
+1-631-367-1173, or
Web site: http://www.geller-rudman.com/
http://www.geller-rudman.com/view_case.asp?cID=293