June 11, 2012 - The court granted the defendants' motion to dismiss with prejudice.
September 9, 2011 - The defendants filed a motion to dismiss.

August 5, 2011 - The lead plaintiff filed a second amended complaint.

June 23, 2011 - The court granted the defendants' motion to dismiss without prejudice.

December 6, 2010 - The defendants filed a motion to dismiss.

October 22, 2010 - The lead plaintiff filed an amended complaint.

October 1, 2010 - The lead plaintiff and lead counsel were appointed.

May 4, 2010 - Lead plaintiff motions were filed.

March 5, 2010 - An investor in shares of Novelos Therapeutics Inc (OTC: NVLT) filed a lawsuit in the U.S. District Court for the District of Massachusetts against Novelos Therapeutics Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between December 14, 2009 and February 24, 2010.

The complaint claims that Novelos Therapeutics Inc violated Section 10(b) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder in connection with alleged disclosures related to the Phase 3 clinical trial of its compound NOV-002 for non-small cell lung cancer.

The plaintiff alleges that the defendants made positive statements regarding the pivotal Phase 3 clinical trial of Novelos Therapeutics Inc's primary new drug candidate, NOV-002, which was being evaluated as a treatment for advanced non-small cell lung cancer when used in combination with first-line chemotherapy. The defendants stated, among other things, that the NOV-002 Phase 3 trial had lasted longer than anticipated because patients in the trial were living longer than Novelos Therapeutics Inc expected. The complaint further alleges that these statements were materially false and misleading because Novelos Therapeutics Inc knew, or recklessly disregarded, that the unexpected length of the trial could be, and was, in fact, caused by the survival times of the patients in the control arm of the study who did not receive NOV-002.

On February 24, 2010, Novelos Therapeutics Inc announced that NOV-002 did not meet its primary endpoint of improvement in overall survival in the Phase 3 trial. Indeed, it was disclosed that the trial's duration was longer than originally anticipated not because of NOV-002's efficacy, but because the patients in the control arm of the trial -- who did not receive NOV-002 -- lived longer than expected. On this news, shares of Novelos Therapeutics Inc's stock declined more than 80%, from a close of $1.65 per share on February 23, 2010, prior to announcement of the results of the NOV-002 Phase 3 trial, to a close of $0.32 per share on February 24, 2010, after announcement of the Phase 3 trial results, on unusually heavy trading volume.

Novelos Therapeutics Inc is a biopharmaceutical company commercializing oxidized glutathione-based compounds for the treatment of cancer and hepatitis.