Deadline Upcoming in $ 3.5 Million Settlement in the Catalyst Pharmaceutical Partners Inc (NASDAQ: CPRX) Investor Lawsuit
A settlement was reached in the lawsuit filed on behalf of certain investors of Catalyst Pharmaceutical Partners Inc (NASDAQ: CPRX) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on February 2, 2015. NASDAQ: CPRX investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWire) -- 01/27/2015 --A deadline is coming up on February 2, 2015 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of Catalyst Pharmaceutical Partners Inc (NASDAQ: CPRX) between August 27, 2013 and October 18, 2013.
Investors who purchased a significant amount of shares of Catalyst Pharmaceutical Partners Inc (NASDAQ: CPRX) between August 27, 2013 and October 18, 2013, have certain options and should contact the Shareholders Foundation by email at firstname.lastname@example.org or call +1(858) 779 - 1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the Catalyst Pharmaceutical Partners Inc (NASDAQ: CPRX) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/catalyst-pharmaceutical-partners-inc-nasdaq-cprx-investor-securities-class-action-lawsuit-10252
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is February 2, 2015. The class action administrator for this case is Strategic Claims Services.
The lawsuit was originally filed in in the U.S. District Court for the Southern District of Florida against Catalyst Pharmaceutical Partners Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between October 31, 2012 and October 18, 2013.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired Catalyst Pharmaceutical Partners Inc (NASDAQ: CPRX) between October 31, 2012 and October 18, 2013, that Catalyst Pharmaceutical Partners Inc and certain of its officers and directors violated the Securities Exchange Act of 1934.
More specifically, the plaintiff alleges that Catalyst Pharmaceutical Partners Inc failed to disclose between October 31, 2012 and October 18, 2013, that one of its competitors has already been manufacturing a drug biologically equivalent to Firedapse–a drug Catalyst Pharmaceutical Partners Inc has claimed to be developing and marketing–and providing it to patients to treat Lambert-Eaton Myasthenic Syndrome free of charge, through a compassionate use program.
On October 15, 2013, Catalyst Pharmaceutical Partners Inc announced that, at a recently held meeting, the independent Data Monitoring Committee (DMC) overseeing Catalyst Pharmaceutical Partners Inc's ongoing pivotal Phase III clinical trial in the United States and Europe evaluating Firdapse™ for the treatment of Lambert-Eaton Myasthenic Syndrome ("LEMS") recommended that Catalyst Pharmaceutical Partners Inc continue the trial as planned based on the committee's review of safety and clinical data from the trial.
However, then on October 18, 2013, a report was published about Catalyst Pharmaceutical Partners Inc and its drug Firdapse. The article stated that upon a closer look into Catalyst Pharmaceutical Inc and one discovers "allegations of profiteering off a small group of vulnerable, sick patients and a ton of clinical and regulatory risk". The article said that "In exchange for spending the time and money to develop drugs for diseases that might ordinarily be ignored, these companies get to charge sky-high prices" and that "insurance companies generally pick up the tab without complaints because there are so few patients who need these expensive drugs." However, the article stated that Catalyst Pharmaceutical Partners Inc is developing Firdapse for LEMS and will likely charge the few thousand LEMS patients in the U.S. more than $60,000 per year even though the same drug is already available for the past 20 years to U.S LEMS patients for free by a small, private, family-owned pharmaceutical company in New Jersey called Jacobus Pharmaceuticals.
Those who purchased shares of Catalyst Pharmaceutical Partners Inc (NASDAQ: CPRX) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
Media Relations Contact
View this press release online at: http://rwire.com/577277