TAKE A LOOK AT WHICH REPORT YOUR PORTFOLIO'S BEEN MISSING...

Shareholders Foundation offers real-time reporting of class action exposure on a per transaction basis,
including the documents you will need for claim filing and settlement recovery.
Start Monitoring Your Investments

BioSante Pharmaceuticals, Inc. (BPAX) Long-Term Investor Files Lawsuit Against Directors Over Alleged Breaches Of Fiduciary Duties

  • If you are a current long-term stockholder of NASDAQ:BPAX shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
BioSante Pharmaceuticals
Security
NASDAQ: BPAX

Case Name
BioSante Pharmaceuticals Shareholder Derivative Lawsuit 05/11/2012
Type of Lawsuit
Stockholder Derivative Action
You must register or login to receive notifications.

Click here to subscribe to BioSante Pharmaceuticals.
Summary

May 14, 2012 (Shareholders Foundation) -- A current investor in NASDAQ:BPAX shares filed a lawsuit against directors of BioSante Pharmaceuticals, Inc in connection with alleged breaches of fiduciary duties in connection with certain financial statements.

The lawsuit by a current investor against directors of BioSante Pharmaceuticals over alleged breaches of fiduciary duties follows an earlier lawsuit against BioSante Pharmaceuticals over alleged Securities Laws violations filed for investors who purchased NASDAQ:BAPX shares exclusively between February 12, 2010 and December 15, 2011. The plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired the securities of BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) between February 12, 2010 and December 15, 2011, that BioSante Pharmaceuticals violated the Securities and Exchange Act of 1934 by issuing a series of materially false and misleading statements to investors about LibiGel's commercial viability, effectiveness, and market potential that caused shares of BioSante Pharmaceuticals to trade at artificially high prices between February 12, 2010 and December 15, 2011.

On December 14, 2011, BioSante Pharmaceuticals, Inc announced the results from LibiGel Efficacy Trials. BioSante Pharmaceuticals, Inc. said that the initial analysis of the data from these trials shows that the trials did not meet the co-primary or secondary endpoints. BioSante's president & CEO said that they are “very disappointed by the Phase III LibiGel efficacy trial results.”

Shares of BioSante Pharmaceuticals, Inc. (NASDAQ:BPAX) fell from $2.50 on December 14, 2011, to as low as $0.38 per share on December 19, 2011 and closed on May 11, 2012 at $0.45 per share.