Lerach Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit against Isolagen, Inc.
August 18 2005 - 2:37PM
Business Wire
Lerach Coughlin Stoia Geller Rudman & Robbins LLP ("Lerach
Coughlin") (http://www.lerachlaw.com/cases/isolagen/) today
announced that a class action has been commenced in the United
States District Court for the Southern District of Texas on behalf
of purchasers of Isolagen, Inc. ("Isolagen") (AMEX:ILE) publicly
traded securities during the period between March 3, 2004 and
August 1, 2005 (the "Class Period"), including purchasers of
Isolagen stock issued in connection with and traceable to
Isolagen's June 2004 stock offering. If you wish to serve as lead
plaintiff, you must move the Court no later than 60 days from
today. If you wish to discuss this action or have any questions
concerning this notice or your rights or interests, please contact
plaintiff's counsel, William Lerach or Darren Robbins of Lerach
Coughlin, at 800-449-4900 or 619-231-1058, or via e-mail at
wsl@lerachlaw.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.lerachlaw.com/cases/isolagen/. Any member of the
purported 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 Isolagen and
certain of its officers and directors with violations of the
Securities Exchange Act of 1934. Isolagen specializes in the
development and commercialization of autologous cellular therapies
for soft and hard tissue regeneration (the "Isolagen Process").
Autologous cellular therapy utilizes a process whereby a patient's
own cells are extracted, allowed to multiply and then injected into
the patient. In January 2003, defendants began phase I clinical
trials aimed at demonstrating the safety and efficacy of using the
Isolagen Process to treat dermal defects. The complaint alleges
that without solid clinical data developed under controlled
conditions, the data gathered in the clinical trials would never
meet the FDA's "adequate and well-controlled" criteria for
acceptable clinical trials and the Company's business plan would
lack credibility to the investment community. Defendants' own
internal testing showed the Isolagen Process had demonstrated
nowhere near the efficacy required to obtain FDA approval, which
was needed to make the Company profitable. However, during the
Class Period, defendants touted the efficacy of the Isolagen
Process both for dermal and dental treatments, running up the
Company's stock price to a Class Period high of $12 per share on
April 2, 2004. On August 1, 2005, the Company disclosed that the
preliminary results from its phase III clinical trial of the
Isolagen Process for the treatment of contour deformities
(wrinkles) had not met all four primary end points and that neither
of the two dermal studies had achieved independent statistical
significance. On this news, the Company's stock price plummeted
more than 45%, from $5.50 per share to below $3 per share, on very
high volume. Plaintiff seeks to recover damages on behalf of all
purchasers of Isolagen publicly traded securities during the Class
Period (the "Class"). The plaintiff is represented by Lerach
Coughlin, which has expertise in prosecuting investor class actions
and extensive experience in actions involving financial fraud.
Lerach Coughlin, a 150-lawyer firm with offices in San Diego, San
Francisco, Los Angeles, New York, Boca Raton, Washington, D.C.,
Houston, Philadelphia and Seattle, 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. Lerach Coughlin lawyers have been
responsible for more than $20 billion in aggregate recoveries. The
Lerach Coughlin Web site (http://www.lerachlaw.com) has more
information about the firm.
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