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Securities LitigationImclone Systems, Inc. (IMCL)
Case Summary
This is a securities class action on behalf of purchasers of the common stock of ImClone Systems, Inc. (“Imclone”) (NASDAQ: IMCL) between May 12, 2001 and January 18, 2002, inclusive (the “Class Period”).
Plaintiffs allege that ImClone and certain of its officers and directors violated the federal securities laws by making false and misleading statements about, among other things: 1) the progress of ImClone’s Fast-Track application with the FDA for approval to market Erbitux, ImClone’s new “blockbuster” drug for the treatment of colorectal cancer; 2) how closely the Company was working with the FDA to assure that the Erbitux application would be approved during the first quarter of 2002; and 3) the positive impact that Erbitux’s approval would have on the Company’s revenues for fiscal 2002 and 2003. The complaint alleges that it was false and misleading for defendants to represent that ImClone had presented the evidence necessary to allow the FDA to accept its Erbitux application when they knew the application did not comply with the stated expectations of the FDA.
ImClone shocked the market when, on December 28, 2001, it announced that the FDA had declined to accept its Fast-Track application to market Erbitux. The price of ImClone’s stock fell sharply again on January 9, 2002, when executives from ImClone admitted that the Company had submitted a faulty application for Erbitux. As a result of Defendants false and misleading statements during the Class Period, the price of ImClone common stock traded at artificially inflated prices.
Plaintiffs seeks to recover damages on behalf of themselves and all others who purchased Imclone shares during the Class Period who suffered damages as a result.
Complaint
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Press Releases
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