GPC Biotech AG Named in Purported Class Action Lawsuit in the United States
July 27 2007 - 2:05PM
PR Newswire (US)
MARTINSRIED/MUNICH, Germany July 27 /PRNewswire-FirstCall/ --
PRINCETON, NJ -- GPC Biotech AG (Frankfurt Stock Exchange: GPC;
TecDAX index; Nasdaq: GPCB) today announced that it has been sued
in the United States District Court for the Southern District of
New York, purportedly in a class action lawsuit on behalf of all
persons who purchased or acquired securities of GPC Biotech between
December 5, 2005 and July 24, 2007 inclusive. Bernd R. Seizinger
(CEO), Martine George and Marcel Rozencweig were also named as
defendants. The complaint alleges that GPC Biotech violated U.S.
federal securities laws by making false public statements relating
to the prospects of its most advanced product candidate,
satraplatin, and thereby artificially inflating the price of GPC
Biotech securities. GPC Biotech believes the allegations in the
complaint to be without merit and intends to vigorously defend
itself against them. End Of Ad Hoc Announcement This ad hoc release
contains forward-looking statements, which express the current
beliefs and expectations of the management of GPC Biotech AG,
including those relating to the possible outcome of the proceedings
and legal actions referenced herein. Such statements are based on
current expectations and are subject to risks and uncertainties,
many of which are beyond our control, that could cause future
results, performance or achievements to differ significantly from
the results, performance or achievements expressed or implied by
such forward-looking statements. Actual results could differ
materially depending on a number of factors, and we caution
investors not to place undue reliance on the forward-looking
statements contained in this ad hoc release. We direct you to GPC
Biotech's Annual Report on Form 20-F for the fiscal year ended
December 31, 2006 and other reports filed with the U.S. Securities
and Exchange Commission for additional details on the important
factors that may affect the future results, performance and
achievements of GPC Biotech. Forward-looking statements speak only
as of the date on which they are made and GPC Biotech undertakes no
obligation to update these forward-looking statements, even if new
information becomes available in the future. Satraplatin has not
yet been approved by the FDA in the U.S., the EMEA in Europe or any
other regulatory authority and no conclusions can or should be
drawn regarding its safety or effectiveness. Only the relevant
regulatory authorities can determine whether satraplatin is safe
and effective for the use(s) being investigated. DATASOURCE: GPC
Biotech AG CONTACT: Germany- Martin Braendle, Director, Investor
Relations & Corporate Communications, +49(0) 89-8565-2693, , or
U.S.- Laurie Doyle, Director, Investor Relations & Corporate
Communications, +1-609-524-5884, Web site:
http://www.gpc-biotech.com/
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