<p>The complaint alleges that during the Class Period defendants violated the federal securities laws by issuing a series of materially false and misleading statements to the market about the Company and by failing to disclose material information about the Company’s plan to merge with Genzyme and that when the market learned the truth, the price of Bioenvision securities increased substantially. The claims brought seek to recover the difference between the price for which members of the prospective class sold shares and the price for which they would have been able to sell shares had the Company timely disclosed its merger intentions.</p>