| Company: | Vaso Active Pharmaceuticals, Inc. |
| Ticker Symbol: | OTC: VAPH |
| Class Period: | December 11, 2003 to March 31, 2004 |
| Court: | District, MA |
| Date Filed: | Apr-09-04 |
| Lead Plaintiff Deadline: | Jun-07-04 |
| Allegations: |
A class action lawsuit was filed in the United States District Court for the District of Massachusetts on behalf of purchasers of Vaso Active Pharmaceuticals, Inc. (Other
OTC:VAPH) ("Vaso Active" or the "Company") publicly traded securities during the period between December 11, 2003 and March 31, 2004, inclusive (the "Class Period").
The complaint charges Vaso Active and certain of its officers and directors with violations of the Securities Exchange Act of 1934 (the "Exchange Act"). The complaint alleges that during the Class Period, defendants issued false and misleading statements to the marketplace that artificially inflated the price of Vaso Active shares.
In particular, the Company misrepresented its business and future prospects by claiming that "independent" clinical trials confirmed that its foot cream product -- Termin8 -- was a "remarkably effective cure" for athlete's foot. Specifically, the Company represented that the clinical trials were conducted by "independent physicians" and reviewed by the New England Medical Center, in Boston, MA. In fact, however, the person who supervised the study was a lone podiatrist hand-picked by Vaso Active's parent company, BioChemics Inc. Furthermore, the New England Medical Center did nothing more than analyze the statistical information gathered by BioChemics Inc. -- something the center does all the time for paying customers. In news articles, the medical center confirmed that it was unable to draw any conclusions about the effectiveness of the product, since it had no hand in selecting the patients and gathering the evidence.
On March 31, 2004, financial markets were stunned when the SEC halted the trading of the Company's stock. The SEC release questioned the accuracy of assertions made in the company's press releases, annual report, registration statement and public statements to investors.
Prior to the disclosure of the adverse facts described above, the Company completed an IPO during December 2003 and a private placement during March 2004, generating over $15 million in illicit proceeds.
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 Vaso Active and certain of its officers and directors with violations of the Securities Exchange Act of 1934 (the "Exchange Act"). The complaint alleges that during the Class Period, defendants issued false and misleading statements to the marketplace that artificially inflated the price of Vaso Active shares.
In particular, the Company misrepresented its business and future prospects by claiming that "independent" clinical trials confirmed that its foot cream product -- Termin8 -- was a "remarkably effective cure" for athlete's foot. Specifically, the Company represented that the clinical trials were conducted by "independent physicians" and reviewed by the New England Medical Center, in Boston, MA. In fact, however, the person who supervised the study was a lone podiatrist hand-picked by Vaso Active's parent company, BioChemics Inc. Furthermore, the New England Medical Center did nothing more than analyze the statistical information gathered by BioChemics Inc. -- something the center does all the time for paying customers. In news articles, the medical center confirmed that it was unable to draw any conclusions about the effectiveness of the product, since it had no hand in selecting the patients and gathering the evidence.
On March 31, 2004, financial markets were stunned when the SEC halted the trading of the Company's stock. The SEC release questioned the accuracy of assertions made in the company's press releases, annual report, registration statement and public statements to investors.
Prior to the disclosure of the adverse facts described above, the Company completed an IPO during December 2003 and a private placement during March 2004, generating over $15 million in illicit proceeds.
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.
