| Company: | Titan Pharmaceuticals, Inc. |
| Ticker Symbol: | AMEX: TTP |
| Class Period: | December 1, 1999 to July 22, 2002 |
| Court: | Northern District, CA |
| Date Filed: | Nov-04-03 |
| Lead Plaintiff Deadline: | Jan-05-04 |
| Allegations: |
A class action has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Titan Pharmaceuticals, Inc. ("Titan Pharmaceuticals") (AMEX:TTP) common stock during the period between December 1, 1999 and July 22, 2002 (the "Class Period").
The complaint charges Titan Pharmaceuticals and certain of its officers and directors with violations of the Securities Exchange Act of 1934. During the Class Period, Titan Pharmaceuticals sought to develop Iloperidone (Zomaril), a potential new drug for the treatment of schizophrenia. The complaint alleges that from the very beginning of the Class Period, defendants declared that the development program for Iloperidone was making steady progress through Phase III clinical trials and towards drug approval in the U.S. Defendants expressed excitement over the safety and efficacy of Iloperidone and with the Phase III study results, particularly the statistically significant reduction in the symptoms of schizophrenia in patients. Defendants concluded that the positive late-stage development results pointed to an important role for Iloperidone as an important new option for the treatment of schizophrenia.
Heightened expectations for the success of Iloperidone stood in contrast to an ongoing process of U.S. Food and Drug Administration review of serious unaddressed safety issues facing older, established antipsychotic drugs. This process has resulted in the imposition of severe marketing restrictions for a number of established antipsychotic drugs. However, during the Class Period, defendants artificially inflated the price of Titan Pharmaceuticals shares by issuing a series of materially false and misleading statements about the Company's Investigational New Drug and New Drug Applications for Iloperidone (Zomaril).
As a result of the defendants' alleged false statements, Titan Pharmaceuticals stock traded at inflated prices during the Class Period, causing millions of dollars of damages to the Class. However, based on the disclosures made in defendants' press release of July 22, 2002, pointing to the ability of Iloperidone to prolong the QT interval and raising serious questions about Iloperidone cardiovascular safety and marketability, the price of Titan Pharmaceuticals' shares fell a precipitous 58%, to $1.63, its lowest level ever, on volume of 3.8 million shares.
If you acquired the securities of the defendants during the Class Period you may, no later than Jan-05-04, 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 Titan Pharmaceuticals and certain of its officers and directors with violations of the Securities Exchange Act of 1934. During the Class Period, Titan Pharmaceuticals sought to develop Iloperidone (Zomaril), a potential new drug for the treatment of schizophrenia. The complaint alleges that from the very beginning of the Class Period, defendants declared that the development program for Iloperidone was making steady progress through Phase III clinical trials and towards drug approval in the U.S. Defendants expressed excitement over the safety and efficacy of Iloperidone and with the Phase III study results, particularly the statistically significant reduction in the symptoms of schizophrenia in patients. Defendants concluded that the positive late-stage development results pointed to an important role for Iloperidone as an important new option for the treatment of schizophrenia.
Heightened expectations for the success of Iloperidone stood in contrast to an ongoing process of U.S. Food and Drug Administration review of serious unaddressed safety issues facing older, established antipsychotic drugs. This process has resulted in the imposition of severe marketing restrictions for a number of established antipsychotic drugs. However, during the Class Period, defendants artificially inflated the price of Titan Pharmaceuticals shares by issuing a series of materially false and misleading statements about the Company's Investigational New Drug and New Drug Applications for Iloperidone (Zomaril).
As a result of the defendants' alleged false statements, Titan Pharmaceuticals stock traded at inflated prices during the Class Period, causing millions of dollars of damages to the Class. However, based on the disclosures made in defendants' press release of July 22, 2002, pointing to the ability of Iloperidone to prolong the QT interval and raising serious questions about Iloperidone cardiovascular safety and marketability, the price of Titan Pharmaceuticals' shares fell a precipitous 58%, to $1.63, its lowest level ever, on volume of 3.8 million shares.
If you acquired the securities of the defendants during the Class Period you may, no later than Jan-05-04, 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.
