| Company: | Neurocrine Biosciences, Inc. |
| Ticker Symbol: | NASD: NBIX |
| Class Period:: | June 20, 2002 to June 23, 2006 |
| Date Filed: | Jun-19-07 |
| Lead Plaintiff Deadline: | Aug-17-07 |
| Court: | Southern District, CA |
| Allegations: |
A class action has been commenced on behalf of an institutional investor in the United States District Court for the Southern District of California on behalf of purchasers of Neurocrine Biosciences, Inc. ("Neurocrine") (NASDAQ:NBIX) common stock during the period between June 20, 2002 and June 23, 2006 (the "Class Period").
The complaint charges Neurocrine and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Neurocrine engages in the discovery and development of drugs for the treatment of neurological and endocrine-related diseases and disorders in the United States. During the Class Period, Neurocrine's primary business was focused on completing the development and commercialization of Indiplon, a drug defendants claimed could be used for the treatment of insomnia.
The complaint alleges that throughout the Class Period, defendants violated the federal securities laws by disseminating false and misleading statements to the investing public and concealing negative information, making it impossible for shareholders to gain a meaningful or realistic understanding of the progress toward FDA approval and the potential for market success of the Company's commercially viable 15 mg modified release formulation of Indiplon. As a result of defendants' false statements, Neurocrine stock traded at inflated levels during the Class Period, during which time the defendants arranged to sell and actually sold $198.7 million worth of shares via a secondary offering of Neurocrine stock and the Company's top officers and directors were able to reap more than $26 million in insider trading proceeds.
On May 16, 2006, the Company announced that it had received communication from the FDA indicating that the agency had determined that the 15 mg modified release formulation of Indiplon was not approvable at that time. The Company's shares fell $33.87 or 62% to $20.76 per share. Then on June 16, 2006, the Company's shares tumbled another 20% after the Company announced that federal health regulators may require additional clinical tests for Indiplon. And finally on June 22, 2006, the Company announced Pfizer had terminated the companies' collaboration agreement for the development and marketing of Indiplon. Neurocrine shares dropped to a low of $8.61 per share before closing at $9.85 per share on June 23, 2006. In total, the Company's shares had tumbled 86% from a Class Period high of $71.62 three months earlier.
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 Neurocrine and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Neurocrine engages in the discovery and development of drugs for the treatment of neurological and endocrine-related diseases and disorders in the United States. During the Class Period, Neurocrine's primary business was focused on completing the development and commercialization of Indiplon, a drug defendants claimed could be used for the treatment of insomnia.
The complaint alleges that throughout the Class Period, defendants violated the federal securities laws by disseminating false and misleading statements to the investing public and concealing negative information, making it impossible for shareholders to gain a meaningful or realistic understanding of the progress toward FDA approval and the potential for market success of the Company's commercially viable 15 mg modified release formulation of Indiplon. As a result of defendants' false statements, Neurocrine stock traded at inflated levels during the Class Period, during which time the defendants arranged to sell and actually sold $198.7 million worth of shares via a secondary offering of Neurocrine stock and the Company's top officers and directors were able to reap more than $26 million in insider trading proceeds.
On May 16, 2006, the Company announced that it had received communication from the FDA indicating that the agency had determined that the 15 mg modified release formulation of Indiplon was not approvable at that time. The Company's shares fell $33.87 or 62% to $20.76 per share. Then on June 16, 2006, the Company's shares tumbled another 20% after the Company announced that federal health regulators may require additional clinical tests for Indiplon. And finally on June 22, 2006, the Company announced Pfizer had terminated the companies' collaboration agreement for the development and marketing of Indiplon. Neurocrine shares dropped to a low of $8.61 per share before closing at $9.85 per share on June 23, 2006. In total, the Company's shares had tumbled 86% from a Class Period high of $71.62 three months earlier.
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.
