NEW YORK, May 22, 2004 (PRIMEZONE) -- The law firm of Murray, Frank & Sailer LLP announces the commencement of a Class Action filed in the United States District Court District of Colorado, on behalf of all persons or entities who purchased or otherwise acquired Allos Therapeutics Inc. ("Allos" or the "Company") securities (Nasdaq:ALTH) between May 29, 2003 and May 3, 2004, inclusive (the "Class Period"). The deadline for filing a certification as a shareholder is July 18, 2004.
To discuss this action, this announcement, or your rights or interests, please contact plaintiff's counsel, Eric J. Belfi or Aaron D. Patton at Murray, Frank & Sailer LLP, 275 Madison Avenue, Suite 801, 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@murrayfrank.com.
The complaint alleges defendants 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 me U.S. Food and Drug Administration ("FDA"). On April 30 and May 3, 2004, however, it was announced that the Oncologic Drugs Advisory Committee ("ODAC") of the FDA concluded, by a 16-1 vote, to recommend that the FDA not approve Efaproxiral. In recommending rejection of Efaproxiral, the ODAC found that "(t)he evidence of drug efficacy needs to be much stronger to be convincing." Perhaps even more disconcerting to investors was the ODAC's further comment that the purported efficacy of the Efaproxiral in breast cancer patients with brain metastases could be to other causes, strongly calling into question the viability of Efaproxiral. As a result of this announcement, the price of Allos shares fell $2.09, or 45%, to close at $2.55, where it was the top percentage loser, on extraordinary volume.
Plaintiff is represented by the law firm of Murray, Frank & Sailer LLP. Murray, Frank & Sailer 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 Allos Therapeutics Inc. securities during the Class Period described above, you may, no later than July 18, 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 action as a lead plaintiff online at www.murrayfrank.com. Contact plaintiff's counsel Eric J. Belfi or Aaron D. Patton at Murray, Frank & Sailer LLP to further discuss this action, this announcement, or your rights or interests.