NEW YORK, Dec. 1, 2003 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the Northern District of Illinois, Eastern Division, case number 03-C-8654, on behalf of all persons or entities who purchased American Pharmaceutical Partners, Inc. ("APP" or the "Company") securities (Nasdaq:APPX) during the period between February 19, 2002 and September 24, 2003, both dates inclusive (the "Class Period"). The Complaint names APP, Patrick Soon-Shiong, Derek J. Brown, Jeffrey M. Yordon, Nicole S. Williams, and American Bioscience, Inc. as defendants.
To discuss this action, this announcement, or your rights or interests, please contact plaintiff's counsel, Eric J. Belfi or Gregory Linkh at Rabin, Murray & Frank LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at info@rabinlaw.com.
The Complaint alleges that defendants violated section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the Securities and Exchange Commission. The Complaint alleges that defendants made materially false and misleading statements concerning the drug Abraxane, a reformulated version of Taxol which is used in the treatment of breast cancer. In particular, defendants misrepresented that: (1) Abraxane could be administered without Cremophor, a toxic substance with severe side-effects that limited the tolerable dose and effectiveness of Taxol; (2) Abraxane could be administered without the need for potentially harmful steroid pre-medication and other drugs that reduce the loss of white blood cells; (3) Abraxane was not formulated with a toxic substance and could therefore be delivered in much higher doses than Taxol and was therefore more effective than Taxol with respect to reduction in tumor size; and (4) Abraxane could be injected intravenously directly to the location of the tumor whereby therapy is only one-half hour, compared to 3 hours for Taxol. The Complaint alleges that as a result of these false and misleading statements and omissions of material fact the price of APP securities were artificially inflated throughout the Class Period causing plaintiff and the other members of the Class to suffer damages.
Plaintiff is represented by the law firm of Rabin, Murray & Frank LLP. Rabin, Murray & Frank LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired APP securities during the Class Period described above, you may, no later than December 23, 2003, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.rabinlaw.com. Contact plaintiff's counsel Eric J. Belfi or Gregory Linkh of Rabin, Murray & Frank LLP to further discuss this action, this announcement, or your rights or interests.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.