San Diego, CA -- (SBWIRE) -- 04/04/2012 -- A deadline is coming up on April 6 in the lawsuit filed for investors in NASDAQ:BPAX shares against BioSante Pharmaceuticals, Inc. over certain allegedly false and misleading statements in connection with its LibiGel.
Investors with a substantial investment in NASDAQ:BPAX shares between February 12, 2010 and December 15, 2011, should get active before the Deadline that is coming up on April 6, 2012 and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint filed in the U.S. District Court for the Northern District of Illinois the plaintiff alleges that BioSante Pharmaceuticals, along with its Chief Executive Officer 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. (NASDAQ: BPAX) 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.”
NASDAQ:BPAX shares closed on April3, 2012 at $0.73 per share.
Those who purchased shares of BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego