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TMCNet:  The Shuman Law Firm Investigates Catalyst Pharmaceutical Partners, Inc.

[May 15, 2014]

The Shuman Law Firm Investigates Catalyst Pharmaceutical Partners, Inc.

BOULDER, Colo. --(Business Wire)--

The Shuman Law Firm announces that it is investigating potential claims against certain officers and directors of Catalyst Pharmaceutical Partners, Inc. ("Catalyst" or the "Company") (Nasdaq: CPRX). Catalyst is as a Florida-based development-stage specialty pharmaceutical company. Catalyst's major product is Firdapse which is used to treat Lambert-Eaton (News - Alert) Myasthenic Syndrome ("LEMS").

The Firm's investigation relates to allegations raised in a class action lawsuit against the Company relating to its discloures regarding Firdapse and LEMS. The class action complaint alleges that the Company's senior officers and/or directors mislead investors by (i) concealing that a competitor has been providing patients for free with a drug that is nearly biologically equivalent to the drug for which Catalyst seeks Food and Drug Administration ("FDA") approval; (ii) overstating the total number of potential patients for Catalyst's drug; and (iii) stating that there was "no effective…treatment currently available for LEMS".


The class action also alleges that Jacobus Pharmaceuticals makes 3,4-DAP, a drug substantially equivalent to Firdapse. Moreover, on October 18, 2013, a journalist revealed that Jacobus has been providing 3,4-DAP to patients, for free, pursuant to a number of compassionate use programs, for twenty years. Once these allegedly misleading statements were made public, Catalyst's stock price fell from $2.61 to $1.90 on heavy volume.

On March 26, 2014, the United States District Court Judge for the Southern District of Florida, denied defendants' motion to dismiss the class action lawsuit. The Court's Order stated that "in light of the fact that 3,4-DAP is safe and effective, and that it is virtually identical to Firdapse, the misstatement was highly material." The Judge also stated "the misrepresentation came at a time when Defendants had heightened incentives to inflate the value of Catalyst's stock."

If you currently own Catalyst common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Kip B. Shuman or Rusty E. Glenn toll free at (866) 974-8626 or email Mr. Shuman at kip@shumanlawfirm.com or email Mr. Glenn at rusty@shumanlawfirm.com.

The Shuman Law Firm represents investors throughout the nation, concentrating its practice in stockholder litigation.


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