Wolf Haldenstein Adler Freeman and Herz LLP Commences Class Action Lawsuit on Behalf of Allos Therapeutics, Inc. Shareholders
25 Mai 2004 - 6:23PM
PR Newswire (US)
Wolf Haldenstein Adler Freeman and Herz LLP Commences Class Action
Lawsuit on Behalf of Allos Therapeutics, Inc. Shareholders NEW
YORK, May 25 /PRNewswire/ -- Wolf Haldenstein Adler Freeman &
Herz LLP filed a class action lawsuit in the United States District
Court for the District of Colorado, on behalf of all persons who
purchased the securities of Allos Therapeutics, Inc. ("Allos" or
the "Company") between April 23, 2003 and May 3, 2004, inclusive,
(the "Class Period") against defendants Allos and Michael Hart, the
Chief Executive Officer, President, Chief Financial Officer, and a
Director of Allos at all relevant times. The case name and index
number are Neuman v. Allos Therapeutics, Inc., et al. A copy of the
complaint filed in this action is available from the Court, or can
be viewed on the Wolf Haldenstein Adler Freeman & Herz LLP
website at http://www.whafh.com/cases/allos.htm. The complaint
alleges that defendants violated the federal securities laws by
issuing materially false and misleading statements throughout the
Class Period that had the effect of artificially inflating the
market price of the Company's securities. The statements made by
the defendants were materially false and misleading because the
actual results concerning their Phase III Efaproxiral breast cancer
subset were insufficient to support the positive conclusions made
by defendants due to numerous flaws in the study. When making the
statements, defendants failed to disclose and misrepresented the
following adverse facts: (a) the Company's positive statements
regarding its RSR13 New Drug Application and the results for the
breast cancer subset in its first Phase III trial were misleading
because the test subjects were not a representative set but rather
a skewed subset of the patients, designed to produce false glowing
results; (b) the purported results for the breast cancer subset
patients in the first Phase III trial were not representative
because the patients in the treatment group were afflicted less
severely than the control group as a whole. Therefore, the results
were skewed in favor of the treatment group; (c) the results of the
study could not be used to support the positive conclusions made by
defendants regarding the breast cancer subset because the study was
not defined to specifically test the breast cancer subset. Thus,
any results related to any post-hac subset could not appropriately
be used to support the statements made by defendants; (d) the
Company had used an unusually low number of patients in the
treatment group and thus could not support its statistical
projections; (e) the study was "open label," meaning that both
patients and researchers knew they were receiving the treatment. In
addition to the above-mentioned shortcomings in the study and
statistical evidence, this made the study even more suspect and
exposed the study to an increased level of FDA scrutiny, as open
label studies tend to skew results in favor of the treatment group;
(f) that, as a result of the foregoing, defendants lacked a
reasonable basis for their positive statements about the Company
and their earnings projections. If you purchased Allos securities
during the Class Period, you may request that the Court appoint you
as lead plaintiff by July 19, 2004. 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 Wolf Haldenstein, or other counsel of your choice, to serve
as your counsel in this action. Wolf Haldenstein has extensive
experience in the prosecution of securities class actions and
derivative litigation in state and federal trial and appellate
courts across the country. The firm has approximately 60 attorneys
in various practice areas; and offices in Chicago, New York City,
San Diego, and West Palm Beach. The reputation and expertise of
this firm in shareholder and other class litigation has been
repeatedly recognized by the courts, which have appointed it to
major positions in complex securities multi-district and
consolidated litigation. If you wish to discuss this action or have
any questions, please contact Wolf Haldenstein Adler Freeman &
Herz LLP at 270 Madison Avenue, New York, New York 10016, by
telephone at (800) 575-0735 (Fred Taylor Isquith, Esq., Gregory M.
Nespole, Esq., Christopher S. Hinton, Esq., George Peters, or Derek
Behnke), via e-mail at or visit our website at
http://www.whafh.com/. All e-mail correspondence should make
reference to Allos. DATASOURCE: Wolf Haldenstein Adler Freeman
& Herz LLP CONTACT: Fred Taylor Isquith, Esq., Gregory M.
Nespole, Esq., Christopher S. Hinton, Esq., George Peters, or Derek
Behnke, all of Wolf Haldenstein Adler Freeman & Herz LLP,
1-800-575-0735 or Web site: http://www.whafh.com/
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Allos Therapeutics, Inc. (MM) (NASDAQ:ALTH)
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