San Diego, CA -- (SBWIRE) -- 07/11/2012 -- An investor in NASDAQ:BPAX shares filed a lawsuit against directors of BioSante Pharmaceuticals, Inc in connection with alleged breaches of fiduciary duties in connection with certain financial statements regardins its LibiGel drug
Investors who are current long-term stockholders of NASDAQ:BPAX shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that certain directors of BioSante Pharmaceuticals, Inc breached their fiduciary duties owed to NASDAQ:BPAX stockholders by allegedly over-hyping the effectiveness and market potential of its LibiGel drug
On December 14, 2011, BioSante Pharmaceuticals, Inc announced the results from LibiGel Efficacy Trials. BioSante Pharmaceuticals, Inc. said that the initial analysis of the data from these trials shows that the trials did not meet the co-primary or secondary endpoints. BioSante's president & CEO said that they are “very disappointed by the Phase III LibiGel efficacy trial results.”
Shares of BioSante Pharmaceuticals, Inc. (NASDAQ:BPAX) fell from $2.50 on December 14, 2011, to as low as $0.38 per share on December 19, 2011.
On June 4, 2012, NASDAQ:BPAX shares split 1:6 and closed on July 10, 2012 at $2.10 per share.
Those who are current long-term stockholders of NASDAQ:BPAX shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego