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BioSante Pharmaceuticals Inc (NASDAQ: BPAX) Investor Securities Class Action Lawsuit 02/03/2012

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Lawsuit Overview

Case Dismissed
Company
BioSante Pharmaceuticals
Security
NASDAQ: BPAX

Case Name
BioSante Pharmaceuticals Shareholder Class Action Lawsuit 02/03/2012
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of Illinois

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

October 23, 2013 - The court entered a judgment in favor of the defendants.
September 11, 2013 - The court granted the defendants' motion to dismiss and granted leave to plaintiffs to file an amended complaint.

June 20, 2013 - BioSante Pharmaceuticals Inc (NASDAQ: BPAX) has merged with its wholly-owned subsidiary with and into ANIP Acquisition Company which will now be named ANI Pharmaceuticals Inc (NASDAQ: ANIP).

December 28, 2012 - The defendants filed motions to dismiss.

November 6, 2012 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased BioSante Pharmaceuticals Inc common shares between February 8, 2010 and December 15, 2011. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between February 8, 2010 and December 15, 2011.

September 6, 2012 - Lead plaintiffs and lead counsel were appointed.

April, 6, 2012 - Lead plaintiff motions were filed.

February 3, 2012 - An investor in shares of BioSante Pharmaceuticals Inc (NASDAQ: BPAX now trading on the NASDAQ sheets as ANIP) filed a lawsuit in the U.S. District Court for the Northern District of Illinois against BioSante Pharmaceuticals Inc over alleged Violations of Federal Securities Laws.

According to the complaint 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 Inc, along with its Chief Executive Officer violated the Securities and Exchange Act of 1934. Specifically, the plaintiff alleges that the defendants issued 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 Inc to trade at artificially high prices between February 12, 2010 and December 15, 2011.

Shares of BioSante Pharmaceuticals Inc (NASDAQ: BPAX) rose from $1.15 per share in March 2009 to as high as $3.64 per share in July 2011.

Then on December 14, 2011, BioSante Pharmaceuticals Inc announced the results from LibiGel Efficacy Trials.

BioSante Pharmaceuticals Inc (NASDAQ: BPAX) 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 Pharmaceuticals Inc'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 $0.48 per share on December 15, 2011.

NASDAQ: BPAX shares closed on December 19, 2011 as low as $0.38 per share.