SAN DIEGO, Feb 06, 2012 (BUSINESS WIRE) –
Robbins Geller Rudman Dowd LLP (“Robbins Geller”) (
http://www.rgrdlaw.com/cases/columbia/ )
today announced that a class action has been commenced in the United
States District Court for the District of New Jersey on behalf of
purchasers of Columbia Laboratories, Inc. (“Columbia”)
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+1.32%
publicly traded securities during the period between December 6, 2010
and January 20, 2012 (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later
than 60 days from February 1, 2012. If you wish to discuss this action
or have any questions concerning this notice or your rights or
interests, please contact plaintiff’s counsel, Darren Robbins of Robbins
Geller at 800/449-4900 or 619/231-1058, or via e-mail at djr@rgrdlaw.com.
If you are a member of this class, you can view a copy of the complaint
as filed or join this class action online at
http://www.rgrdlaw.com/cases/columbia/ .
Any member of the putative class may move the Court to serve as lead
plaintiff through counsel of their choice, or may choose to do nothing
and remain an absent class member.
The complaint charges Columbia and certain of its officers and directors
with violations of the Securities Exchange Act of 1934. Columbia is
engaged in the business of developing, manufacturing and selling
pharmaceutical products that utilize its bioadhesive drug delivery
technologies to treat various medical conditions.
The complaint alleges that during the Class Period, defendants issued
materially false and misleading statements regarding the Company’s
progesterone vaginal gel product, PROCHIEVE, for reducing the risk of
preterm birth in women. Instead of truthfully disclosing concerns about
PROCHIEVE’s efficacy in reducing the risk of preterm birth, defendants
continuously hyped PROCHIEVE’s combination of efficacy, safety and
tolerability during the Class Period. As a result of defendants’ false
statements, Columbia’s stock traded at artificially inflated prices
during the Class Period, reaching a high of $4.03 per share on April 6,
2011.
On December 14, 2011, Columbia issued a press release announcing that a
meta-analysis of data from five double-blind, placebo-controlled trials
of progesterone vaginal gel indicated a reduced risk of preterm birth
and neonatal morbidity. Then, on January 20, 2012, the Company issued a
press release announcing that the Advisory Committee for Reproductive
Health Drugs of the FDA had not recommended approval of progesterone
vaginal gel for the reduction of risk of preterm birth, advising that
the FDA panel members needed more information to support approval. On
this news, Columbia’s stock fell $0.87 per share to close at $0.71 per
share on January 23, 2012 — a decline of over 55% on volume of 17.7
million shares.
According to the complaint, the true facts, which were known by the
defendants but concealed from the investing public during the Class
Period, were as follows: (a) defendants failed to disclose the truth
concerning the results of the studies for PROCHIEVE; (b) defendants
failed to disclose the truth concerning the likelihood of FDA approval
for PROCHIEVE; and (c) contrary to defendants’ representations,
Columbia’s future was not “very good” due to the efficacy issues with
PROCHIEVE.
Plaintiff seeks to recover damages on behalf of all purchasers of
Columbia publicly traded securities during the Class Period (the
“Class”). The plaintiff is represented by Robbins Geller, which has
expertise in prosecuting investor class actions and extensive experience
in actions involving financial fraud.
Robbins Geller, a 180-lawyer firm with offices in San Diego, San
Francisco, New York, Boca Raton, Washington, D.C., Philadelphia and
Atlanta, is active in major litigations pending in federal and state
courts throughout the United States and has taken a leading role in many
important actions on behalf of defrauded investors, consumers, and
companies, as well as victims of human rights violations. The Robbins
Geller Web site (
http://www.rgrdlaw.com )
has more information about the firm.
SOURCE: Robbins Geller Rudman Dowd LLP
Robbins Geller Rudman Dowd LLP
Darren Robbins, 800/449-4900 or 619/231-1058
djr@rgrdlaw.com
Copyright Business Wire 2012
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Article source: http://www.marketwatch.com/story/robbins-geller-rudman-dowd-llp-files-class-action-suit-against-columbia-laboratories-inc-2012-02-06
