| Company: | IntraBiotics Pharmaceuticals, Inc. |
| Ticker Symbol: | NASD: IBPI |
| Class Period: | September 5, 2003 to June 22, 2004 |
| Date Filed: | Jul-08-04 |
| Lead Plaintiff Deadline: | Sep-07-04 |
| Court: | Northern District, CA |
| Allegations: |
A securities class action lawsuit has been filed on behalf of shareholders who purchased the common stock and other securities of IntraBiotics Pharmaceuticals, Inc. ("IntraBiotics" or the "Company") (Nasdaq:IBPI), between September 5, 2003 and June 22, 2004 inclusive (the "Class Period"). The class action lawsuit was filed in the United States District Court for the Northern District of California.
The complaint charges IntraBiotics and certain of its officers with violations of the Securities Exchange Act of 1934. IntraBiotics is a biopharmaceutical company focused on the development of an oral solution of iseganan hydrochloride (iseganan HCI), an antimicrobial drug, for the prevention of ventilator-associated pneumonia ("VAP").
The complaint alleges that during the Class Period defendants failed to disclose and indicate: (1) that iseganan was not safe and well-tolerated at therapeutically relevant doses when administered to the oral cavity; (2) that the drug caused a higher rate of VAP and mortality as comparted to placebo; (3) that despite knowing and/or recklessly disregarding the aforementioned facts, the defendants nevertheless raised capital through offerings of its common stock (including a June 3, 2004 public offering of 3,450,000 shares for proceeds of $42.2 million) in order to portray to the market that iseganan was a viable marketable product that was on the "fast track" to FDA approval; and (4) that as a result of the above, the defendants statements concerning iseganan were lacking in any reasonable basis.
On June 23, 2004, the Company announced that an independent data monitoring committee recommended to the Company that it discontinue its pivotal trial of iseganan for the prevention of VAP based on an interim analysis of the data. A higher rate of both VAP and mortality was observed by the data monitoring committee in the active treatment group compared to the placebo group. As a result, IntraBiotics had stopped the study.
News of this shocked the market. Shares of IntraBiotics fell $9.45 per share or 69 percent, to close at $4.23 per share on unusual high trading volume.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The complaint charges IntraBiotics and certain of its officers with violations of the Securities Exchange Act of 1934. IntraBiotics is a biopharmaceutical company focused on the development of an oral solution of iseganan hydrochloride (iseganan HCI), an antimicrobial drug, for the prevention of ventilator-associated pneumonia ("VAP").
The complaint alleges that during the Class Period defendants failed to disclose and indicate: (1) that iseganan was not safe and well-tolerated at therapeutically relevant doses when administered to the oral cavity; (2) that the drug caused a higher rate of VAP and mortality as comparted to placebo; (3) that despite knowing and/or recklessly disregarding the aforementioned facts, the defendants nevertheless raised capital through offerings of its common stock (including a June 3, 2004 public offering of 3,450,000 shares for proceeds of $42.2 million) in order to portray to the market that iseganan was a viable marketable product that was on the "fast track" to FDA approval; and (4) that as a result of the above, the defendants statements concerning iseganan were lacking in any reasonable basis.
On June 23, 2004, the Company announced that an independent data monitoring committee recommended to the Company that it discontinue its pivotal trial of iseganan for the prevention of VAP based on an interim analysis of the data. A higher rate of both VAP and mortality was observed by the data monitoring committee in the active treatment group compared to the placebo group. As a result, IntraBiotics had stopped the study.
News of this shocked the market. Shares of IntraBiotics fell $9.45 per share or 69 percent, to close at $4.23 per share on unusual high trading volume.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
