BENSALEM, Pa., July 27 /PRNewswire/ -- Law Offices of Howard G. Smith announces that a securities class action lawsuit has been filed on behalf of shareholders who purchased the securities of GPC Biotech AG ("GPC Biotech" or the "Company")(NASDAQ:GPCB) between December 5, 2005 and July 24, 2007, inclusive (the "Class Period"). The class action lawsuit was filed in the United States District Court for the Southern District of New York.
The Complaint alleges that defendants violated federal securities laws by issuing material misrepresentations to the market concerning the prospects for U.S. Food & Drug Administration approval of Satraplatin -- a treatment for advanced prostate cancer -- thereby artificially inflating the price of GPC Biotech securities. GPC Biotech, which is based in Germany, obtained the rights to Satraplatin in 2002 from California-based Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI), which would receive royalties on sales of the drug.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased GPC Biotech securities between December 5, 2005 and July 24, 2007, you have certain rights, and have until September 24, 2007, to move for Lead Plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215)638-4847, Toll-Free at (888)638-4847, by email to or visit our website at http://www.howardsmithlaw.com/. DATASOURCE: Law Offices of Howard G. Smith CONTACT: Howard G. Smith of Law Offices of Howard G. Smith, +1-215-638-4847, 1-888-638-4847, Web site: http://www.howardsmithlaw.com/
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