Weinstein Kitchenoff Scarlato Karon & Goldman Ltd. Announces Class Action Lawsuit Against Allos Therapeutics, Inc.
May 21 2004 - 6:00PM
PR Newswire (US)
Weinstein Kitchenoff Scarlato Karon & Goldman Ltd. Announces
Class Action Lawsuit Against Allos Therapeutics, Inc. PHILADELPHIA,
May 21 /PRNewswire/ -- The law firm of Weinstein Kitchenoff
Scarlato Karon & Goldman Ltd. announced today that a class
action lawsuit has been filed on behalf of purchasers of Allos
Therapeutics, Inc. publicly traded securities between May 29, 2003
and May 3, 2004 (the "Class Period"). The complaint alleges that
Defendants violated Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
Specifically the complaint alleges that Allos misled the investing
public by issuing a series of materially false and misleading
statements highlighting the purported efficacy of the Company's
radiation sensitizer RSR13 ("Efaproxiral") for the treatment of
brain metastases in patients with breast cancer, as well as the
likelihood that this drug would receive approval from the U.S. Food
and Drug Administration ("FDA"). On April 30, 2004 and May 3, 2004,
it was announced by the Oncologic Drugs Advisory Committee ("ODAC")
of the FDA that it concluded by a 16-1 vote to recommend that the
FDA not approve Efaproxiral. In recommending rejection of
Efaproxiral, the ODAC found that, "the evidence of drug efficacy
needs to be much stronger to be convincing." As a result of this
announcement, the price of Allos shares fell $2.09, or 45% to close
at $2.55 on extraordinary volume. If you bought Allos publicly
traded securities between May 29, 2003 and May 3, 2004, and you
wish to serve as lead plaintiff, you must file a request with the
Court no later than July 19, 2004. Any member of the Class may file
a request to serve as lead plaintiff through Weinstein Kitchenoff
Scarlato Karon & Goldman Ltd. or other counsel of their choice,
or may choose to do nothing and remain a member of the Class. The
attorneys at Weinstein Kitchenoff Scarlato Karon & Goldman Ltd.
(http://www.wkskg.com/) are experienced in representing defrauded
investors in class actions in courts throughout the United States.
The firm has achieved a total of more than $1 billion in recoveries
for investors, consumers, and other victims of unlawful conduct. If
you would like to consider serving as a lead plaintiff or have any
questions about the lawsuit, please contact us by email at or
toll-free at 877/805-7200. DATASOURCE: Weinstein Kitchenoff
Scarlato Karon & Goldman Ltd. CONTACT: Weinstein Kitchenoff
Scarlato Karon & Goldman Ltd., +1-877-805-7200, Web site:
http://www.wkskg.com/
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