WASHINGTON, Aug. 21 /PRNewswire/ -- The law firm of Finkelstein Thompson LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons who purchased the common stock of GPC Biotech AG ("GPC Biotech" or the "Company") between December 15, 2005 and July 24, 2007, inclusive (the "Class Period"). Finkelstein Thompson LLP is investigating similar claims at this time and welcomes investor inquiries.
The Complaint charges GPC Biotech and certain of the Company's executive officers with violations of federal securities laws. Specifically, the Complaint alleges that Defendants over the course of several years, GPC Biotech has been focused almost exclusively on efforts to develop and gain approval for Satraplatin, an oral drug therapy for advanced prostate cancer patients who have proved resistant to conventional treatments. The Complaint further alleges that, under increased pressure to gain FDA marketing approval, Defendants used improper testing methods to determine whether Satraplatin was safe and effective.
On July 24, 2007, the FDA disclosed that it had unanimously recommended against the approval of Satraplatin. The market responded sharply to this news on July 25, 2007 with the price of GPC Biotech stock falling $7.20 to close at $13.16, a drop of over 35%.
If you are a member of the class, you may, no later than September 24, 2007, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member appointed by the Court to direct the litigation on behalf of the class. Although a class member need not be appointed as a lead plaintiff to receive a proportionate share of any proceeds of the litigation, lead plaintiffs make important decisions that could affect the prosecution of the class claims, including decisions concerning settlement. The securities laws create a rebuttable presumption that the plaintiff with the larges financial interest in the litigation is the most adequate to serve as lead plaintiff.
Finkelstein Thompson LLP has spent almost three decades delivering outstanding representation to institutional and individual clients in connection with securities and other finance-related litigation, and has been appointed as lead or co-lead counsel in dozens of shareholder class actions. Indeed, in the past decade, the firm has served in leadership roles in cases that have recovered over $1 billion for investors and consumers.
If you are a GPC Biotech shareholder and wish to discuss this matter or have information relevant to the investigation, please contact our Washington, DC office toll-free at (877) 337-1050, or by email at
