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If you purchased shares of Radient Pharmaceuticals Corporation AMEX: RPC), you might have certain options and should contact the Shareholders Foundation, Inc
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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
Settlement Overview
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March 2, 2015 - The court ordered the authorization of the distribution of the net settlement fund.
May 6, 2014 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.
January 31, 2014 - The court preliminarily approved the settlement.
December 17, 2013 - Parties filed a stipulation of settlement.
October 26, 2011 - The court granted in part and denied in part certain individual defendants' motions to dismiss.
October 20, 2011 - The court denied the defendant's motion to dismiss.
August 5, 2011 - Defendants filed motions to dismiss.
July 8, 2011 - The lead plaintiff filed an amended consolidated complaint.
June 6, 2011 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.
May 10, 2011 - A lead plaintiff motion was filed.
March 11, 2011 - An investor in shares of Radient Pharmaceuticals Corporation (AMEX: RPC now trading on the OTC sheets as RXPC) filed a lawsuit in the U.S. District Court for Central District of California against Radient Pharmaceuticals Corporation over alleged violations of Federal Securities Laws.
According to the complaint the plaintiff alleges on behalf of those who purchased Radient Pharmaceuticals Corporation (AMEX: RPC) stock between January 18, 2011 and March 4, 2011 that Radient Pharmaceuticals Corporation and its officers and directors violated the Securities Exchange Act of 1934 by materially misrepresenting the involvement of the prestigious Mayo Clinic in the Company's clinical trial of Onko-Sure. The Onko-Sure test is a blood-based test to measure the progression of colon cancer in patients already diagnosed with the disease.
Radient Pharmaceuticals Corp‘s 12months Total Revenue increased from $2.10million in 2006 to $8.63million. For the first three quarters in 2010 Radient Pharmaceuticals Corporation reported a combined nine months Total Revenue of meager 1.2million.
On January 18, 2011, Radient Pharmaceuticals Corporation issued a press release announcing progress on its clinical study with the Mayo Clinic for the validation of the company's US FDA-cleared Onko-Sure test. In connection with the clinical study, Radient Pharmaceuticals Corporation said that sample were being tested by the Company and the Mayo Clinic to directly compare the efficacy of the Onko-Sure test with another test. On March 7, 2011, TheStreet.com said in an article that “the Mayo Clinic is denying statements made by Radient Pharmaceuticals Corporation (RPC) about the prestigious research hospital's involvement in a clinical study of Radient's cancer-screening test Onko-Sure.” In the article, the Mayo Clinic is quoted as stating that: Mayo is not engaged in clinical studies with Radient and does not have a partnership agreement with Radient.
Shares of Radient Pharmaceuticals Corporation (AMEX: RPC) fell from $0.72 on February 22 to $0.42 on March 7, 2011.
On March 17, Radient Pharmaceuticals Corporation (AMEX: RPC) said it retained a law to represent the Company against the lawsuit and it believes that any claims are meritless.
Radient Pharmaceuticals Corporation (AMEX: RPC) shares closed on Friday, March 18, 2011 at $0.41 per share.