Shareholder Class Action Filed Against GPC Biotech AG by the Law Firm of Schiffrin Barroway Topaz & Kessler, LLP
August 23 2007 - 6:00PM
PR Newswire (US)
RADNOR, Pa., Aug. 23 /PRNewswire/ -- The following statement was
issued today by the law firm of Schiffrin Barroway Topaz &
Kessler, LLP: Notice is hereby given that a class action lawsuit
was filed in the United States District Court for the Southern
District of New York on behalf of all purchasers of securities of
GPC Biotech AG (NASDAQ:GPCB) ("GPC" or the "Company") from December
5, 2005 through July 24, 2007, inclusive (the "Class Period"). 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 Schiffrin Barroway Topaz & Kessler, LLP
(Darren J. Check, Esq. or Richard A. Maniskas, Esq.) toll free at
1-888-299-7706 or 1-610-667-7706, or via e-mail at . The Complaint
charges GPC and certain of its officers and directors with
violations of the Securities Exchange Act of 1934. GPC is a
biopharmaceutical company engaged in the discovery, development and
commercialization of new drugs to treat cancer. More specifically,
the Complaint alleges that the Company failed to disclose and
misrepresented the following material adverse facts which were
known to defendants or recklessly disregarded by them: (1) that the
U.S. Federal Drug Administration ("FDA") had previously expressed
disapproval regarding the Company's choice of methodology and a
primary endpoint in the satraplatin studies; (2) that the Company
continued to evaluate satraplatin using the disputed endpoint; (3)
that the Company disregarded the FDA's previously expressed
concerns about the disputed primary endpoint, and submitted the
satraplatin study results to the FDA with the disputed primary
endpoint supporting its satraplatin New Drug Application ("NDA");
(4) that the FDA's evaluators would be unable to determine disease
progression from the Company's NDA submission; and (5) that the
interim data submitted with the NDA would not allow the FDA to
conclude that satraplatin was more effective than placebo in terms
of overall survival. Throughout the Class Period, the Company
reported positive results from its satraplatin Phase 3 trial, and
indicated that data from the trial would form the Company's New
Drug Application ("NDA") with the FDA. The Company reported a 40
percent reduction in risk of disease progression for study
participants who received satraplatin, and reported that the study
data showed that the results for PFS were highly statistically
significant. The Company's investors were shocked on July 20, 2007,
when the FDA released its "Briefing Document" in advance of the
FDA's Oncology Drugs Advisory Committee's meeting to consider the
satraplatin NDA. Therein, the FDA cited five "issues" that it had
with the Company's satraplatin NDA. On this news, the Company's
shares declined $7.80 per share, or over 24.5 percent, to close on
July 20, 2007 at $24.00 per share, on unusually heavy trading
volume. On the following trading day, the Company's shares declined
an additional $3.05 per share, to close on July 23, 2007 at $20.95
per share. Then on July 24, 2007, the FDA's advisory panel voted
12-0 to recommend delaying a decision on satraplatin until the
Company gathered additional data to determine whether satraplatin
actually helped men with prostate cancer live longer. In response,
the Company disclosed that it did not expect to have the necessary
survival analysis for another year. On this news, the Company's
shares declined an additional $7.19 per share, or 35.36 percent, to
close on July 25, 2007 at $13.16 per share, on unusually heavy
trading volume. Plaintiff seeks to recover damages on behalf of
class members and is represented by the law firm of Schiffrin
Barroway Topaz & Kessler which prosecutes class actions in both
state and federal courts throughout the country. Schiffrin Barroway
Topaz & Kessler is a driving force behind corporate governance
reform, and has recovered billions of dollars on behalf of
institutional and individual investors from the United States and
around the world. For more information about Schiffrin Barroway
Topaz & Kessler or to sign up to participate in this action
online, please visit http://www.sbtklaw.com/ If you are a member of
the class described above, you may, not later than September 24,
2007, move the Court to serve as lead plaintiff of the class, if
you so choose. A lead plaintiff is a representative party that acts
on behalf of other class members in directing the litigation. In
order to be appointed lead plaintiff, the Court must determine that
the class member's claim is typical of the claims of other class
members, and that the class member will adequately represent the
class. Under certain circumstances, one or more class members may
together serve as "lead plaintiff." Your ability to share in any
recovery is not, however, affected by the decision whether or not
to serve as a lead plaintiff. You may retain Schiffrin Barroway
Topaz & Kessler or other counsel of your choice, to serve as
your counsel in this action. CONTACT: Schiffrin Barroway Topaz
& Kessler, LLP Darren J. Check, Esq. Richard A. Maniskas, Esq.
280 King of Prussia Road Radnor, PA 19087 1-888-299-7706 (toll
free) or 1-610-667-7706 Or by e-mail at DATASOURCE: Schiffrin
Barroway Topaz & Kessler, LLP CONTACT: Darren J. Check, Esq. or
Richard A. Maniskas, Esq., both of Schiffrin Barroway Topaz &
Kessler, LLP, 1-888-299-7706 toll free, +1-610-667-7706, Web site:
http://www.sbtklaw.com/
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