San Diego, CA -- (SBWIRE) -- 02/22/2012 -- The Shareholders Foundation announces that following a lawsuit for certain BPAX investors against BioSante Pharmaceuticals certain directors and officers are now also under the investigation for current long term investors in BioSante Pharmaceuticals, Inc. (NASDAQ:BPAX) shares over possible breaches of fiduciary duties.
Investors who are current long term investors in BioSante Pharmaceuticals, Inc. (NASDAQ:BPAX) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
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) dropped from $2.50 per share on December 14, 2011 to $0.48 per share on December 15, 2011 and closed on December 19, 2011 as low as $0.38 per share.
In early February 2012 an investor filed a lawsuit in U.S. District Court for the Northern District of Illinois alleging BioSante Pharmaceuticals, Inc violated Federal Securities Laws 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. The lawsuit is only for investors who purchased NASDAQ:BPAX shares between February 12, 2010 and December 15, 2011.
However, the recently announced investigation by a law firm is also for current BPAX investors who purchased not only within the stated time frame but also for those who purchased BPAX shares prior to February 12, 2010 and currently hold those or at least some NASDAQ:BPAX shares. The investigation seeks to determine whether certain officer and directors at BioSante Pharmaceuticals breached their fiduciary duties owed to BPAX stockholder and are liable in connection with the allegations made in the lawsuit.
Those who are current long term investors in BioSante Pharmaceuticals, Inc. (NASDAQ:BPAX) shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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