November 10, 2009 - The court approved the motion for attorneys’ fees and expenses.
October 9, 2009 - The court approved the settlement, entered the orders approving the plan of allocation and dismissed the action with prejudice.

July 17, 2009 - The court preliminarily approved the settlement.

July 10, 2009 - Parties filed a stipulation of settlement.

February 27, 2009 - The court granted the motions to dismiss of two individual defendants with prejudice.

August 20, 2008 - Additional cases were consolidated.

August 14, 2008 - The court granted in part and denied in part the defendants' motions to dismiss.

May 2, 2008 - The defendants filed motions to dismiss.

March 14, 2008 - The lead plaintiff filed a second amended complaint.

January 29, 2008 - The court granted the defendants' motions to dismiss and granted lead plaintiff leave to file an amended complaint.

August 30, 2007 - The defendants filed another motion to dismiss.

August 13, 2007 - The defendants filed motions to dismiss.

June 28, 2007 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased Connetics Inc (NASDAQ: CNCT) common shares between January 27, 2004 and July 9, 2006. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between January 27, 2004 and July 9, 2006.

May 23, 2007 - All consolidated cases were transferred to the U.S. District Court for the Northern District of California.

December 14, 2006 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.

September 18, 2006 - An investor in shares of Connetics Inc (NASDAQ: CNCT) filed a lawsuit in the U.S. District Court for the Northern District of California

The complaint charges Connetics Inc and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint specifically alleges that between June 28, 2004 and May 3, 2006, defendants made false statements about Connetics Inc’s most important new drug (Velac) concerning findings that would likely prevent FDA approval. Connetics Inc also allegedly reported false financial results by failing to properly reserve for rebates. On May 3, 2006, Connetics Inc announced it could not file its quarterly report on time due to a restatement of its financial results. As a result of defendants’ false statements, Connetics Inc’ stock (NASDAQ: CNCT) traded at inflated levels between June 28, 2004 and May 3, 2006, which allowed defendants to reap millions of dollars in insider trading proceeds. However, after the May 3, 2006 announcement, Connetics Inc’s shares collapsed 45% from their high. The stock now trades at $10-$11 per share, some 63% below the Class Period high of $29.92.
According to the complaint, the true facts, which were known by the defendants but concealed from the investing public between June 28, 2004 and May 3, 2006, were as follows: (a) the carcinogenicity study of Velac had indicated that 89 out of 160 mice treated with Velac developed tumors; (b) prior to June 28, 2004, Connetics Inc had been informed by a panel of toxicology experts that they were unaware of any drug with similar results to Velac ever being approved by the FDA; (c) Connetics Inc’s new Velac drug would be deemed unsafe by the FDA and would not provide the revenue and income promised by Connetics Inc; (d) the Company would not be able to achieve the operating results for 2006-2007 as projected due to its inability to launch Velac; and (e) the Company was falsifying its financials for at least 2005 and likely earlier due to improper accounting for rebates.

Connetics Inc is a specialty pharmaceutical company that engages in the development and commercialization of products for the medical dermatology market.