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Investor Files Federal Securities Fraud Class Action Complaint Against Catalyst Pharmaceutical Partners Inc

Tuesday, 12 Nov 2013 06:25pm EST 

Shareholder rights law firm Robbins Arroyo LLP announced that an investor of Catalyst Pharmaceutical Partners Inc has filed a federal securities fraud class action complaint in the U.S. District Court for the Southern District of Florida. The complaint alleges that the Company and certain of its officers violated the Securities and Exchange Act of 1934 between October 31, 2012 and October 18, 2013 (the Class Period). Catalyst is a specialty pharmaceutical company focused on the development and commercialization of novel prescription drugs targeting rare (orphan) neuromuscular and neurological diseases and disorders. The Company's lead drug candidate, Firdapse, is a treatment for Lambert-Eaton Myasthenic Syndrome (LEMS); a rare, neuromuscular disease which causes progressive muscle weakness. According to the complaint, the Company made false and misleading failed statements and/or failed to disclose material adverse facts about the Company's business prospects. Specifically, the complaint alleges that Catalyst failed to disclose to investors that its competitor, Jacobus Pharmaceuticals, has for twenty years provided LEMS patients in the United States an equivalent to Firdapse, free of charge through an FDA approved compassionate use program. On October 18, 2013, The Street issued an article revealing Jacobus' free alterative to Catalyst's Firdapse. On this news, Catalyst shares fell to $1.52 or 25% on October 21, 2013. 

Company Quote

-0.02 -0.64%
19 Sep 2014