|[January 04, 2013]
Abraham, Fruchter & Twersky, LLP Announces Filing of Securities Class Action Lawsuit Against Isis Pharmaceuticals, Inc.
NEW YORK --(Business Wire)--
Abraham, Fruchter & Twersky, LLP announces that a securities class
action lawsuit has been filed in the United States District Court for
the Southern District of California on behalf of all persons or entities
that purchased the stock of Isis Pharmaceuticals, Inc. ("Isis
Pharmaceuticals" or the "Company") (NASDAQ: ISIS) from March 29, 2012
through October 15, 2012, inclusive (the "Class Period"), alleging
violations of Section 10(b) of the Securities Exchange Act of 1934 and
Rule 10b-5 promulgated thereunder against the Company and certain of its
officers (the "Complaint").
Isis Pharmaceuticals, based in Carlsbad, California, is the leading
company in gene-blocking antisense drug discovery and development. The
Company's flagship product, Kynamro (formerly mipomersen), is designed
to treat patients with severe forms of high cholesterol. The Complaint
alleges that throughout the Class Period, Isis Pharmaceuticals issued
false and misleading statements regarding the safety and efficacy of the
drug, as well as reportedly positive results from Kynamro's phase three
clinical trial, leading investors to believe that Kynamro would receive
approvalfrom the U.S. Food and Drug Administration ("FDA").
On October 16, 2012, an FDA advisory committee posted information on the
FDA's website noting that in recent patient studies, 3.1 percent of
patients, or 23 people treated with Kynamro developed tumors and three
of them died, while only 0.9 percent, or two patients getting a placebo
developed tumors. The Endocrinologic and Metabolic Drugs Advisory
Committee also noted liver and blood vessel cancers were seen in earlier
tests of the drug conducted on mice.
As a result of this disclosure, the price per share of Isis
Pharmaceuticals common stock declined $2.88, or nearly 22%, to close
that day at $10.27, on heavy trading volume.
If you purchased Isis Pharmaceuticals common stock from March 29, 2012
through October 15, 2012, inclusive, and you wish to serve as lead
plaintiff in this action, you must move the Court no later than February
26, 2013. Any member of the proposed class may move the Court to serve
as lead plaintiff through counsel of their choice, or may choose to do
nothing and remain a member of the proposed class.
If you would like to discuss this action or if you have any questions
concerning this notice or your rights as a potential class member or
lead plaintiff, you may contact: Jeffrey S. Abraham or Arthur J. Chen of
Abraham, Fruchter & Twersky, LLP toll free at (800) 440-8986, or via
e-mail at, respectively, firstname.lastname@example.org
or email@example.com. You may also
visit the firm's website at http://www.aftlaw.com.
Abraham, Fruchter & Twersky, LLP has extensive experience in securities
class action cases, and the firm has been ranked among the leading class
action law firms in terms of recoveries achieved by a survey of class
action law firms conducted by Institutional Shareholder Services.
Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.
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