NEW YORK , Jan. 13, 2004 (PRIMEZONE) -- Notice is hereby given that Rabin, Murray & Frank LLP commenced a Class Action lawsuit in the United States District Court for the District of Massachusetts, on behalf of a class (the "Class") consisting of all persons who purchased securities of Biopure Corporation ("Biopure" or the "Company") (Nasdaq:BPUR) between March 17, 2003 and December 24, 2003, inclusive (the "Class Period").
The complaint names as defendants Biopure, Thomas A. Moore, Carl W. Rausch, and Ronald F. Richards, alleging that they violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. The complaint alleges that defendants issued a number of positive statements regarding the progress of Biopure's application for regulatory approval to market Hemopure in the United States, which was submitted to the U.S. Food and Drug Administration ("FDA"). Hemopure is a drug for patients undergoing orthopedic surgery. In fact, by the beginning of the Class Period, the FDA had informed defendants of flaws in the Hemopure application, making FDA approval highly unlikely, including "safety concerns" arising from adverse clinical data submitted as part of the Company's application. Yet, before defendants disclosed these adverse facts, they conducted at least two offerings of Biopure common stock and generated millions of dollars in proceeds. Additionally, certain high-level Biopure insiders sold hundreds of thousands of Biopure common shares at artificially inflated prices.
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 any of the Funds described above, between March 17, 2003 and December 24, 2003 and sustained damages, you may, no later than March 1, 2004, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action as 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