San Diego, CA -- (SBWIRE) -- 05/14/2012 -- A current 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.
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 lawsuit by a current investor against directors of BioSante Pharmaceuticals over alleged breaches of fiduciary duties follows an earlier lawsuit against BioSante Pharmaceuticals over alleged Securities Laws violations filed for investors who purchased NASDAQ:BAPX shares exclusively between February 12, 2010 and December 15, 2011. The plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired the securities of BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) between February 12, 2010 and December 15, 2011, that BioSante Pharmaceuticals violated the Securities and Exchange Act of 1934 by issuing a series of materially false and misleading statements to investors about LibiGel's commercial viability, effectiveness, and market potential that caused shares of BioSante Pharmaceuticals to trade at artificially high prices between February 12, 2010 and December 15, 2011.
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 and closed on May 11, 2012 at $0.45 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