HARTFORD, Conn., Aug. 10, 2007 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Middle District of North Carolina on behalf of all persons who purchased the publicly traded securities of POZEN, Inc. ("POZEN") (Nasdaq:POZN) between July 31, 2006 and August 1, 2007, inclusive (the "Class Period").
The Complaint charges that POZEN and certain of its officers and directors violated federal securities laws. Specifically, the Complaint alleges that POZEN made misrepresentations concerning its lead product candidate, Trexima, a combination of sumatriptan and naproxen sodium. POZEN was developing Trexima pursuant to an agreement with GlaxoSmithKline. The Company first sought regulatory approval of Trexima in August of 2005. That request was delayed in June 2006 when regulators asked for more safety information on the drug's effect on the heart. On July 31, 2006, defendants announced they had reached an agreement with regulators requiring only that POZEN gather and produce study data defendants said they (and GlaxoSmithKline) already had which would satisfy the regulator's limited concerns about Trexima's cardiovascular safety.
On August 2, 2007, defendants announced that regulators would again delay approval of Trexima, now requiring that POZEN address potential safety implications indicated by the very preclinical data POZEN provided the regulators in which increased tumor/cancer risk was seen when naproxen sodium and sumatriptan were combined, but not with either component alone. Defendants also disclosed that their July 2006 "agreement" with regulators actually required additional clinical data/testing on Trexima's effect on blood pressure. On this news, POZEN shares -- which had traded above $19 in recent days -- fell to below $10 per share in intra-day trading.
If you are a member of the class, you may, no later than October 9, 2007, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz Nobel Izard P.C. has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz Nobel Izard P.C. toll-free at (800) 797-5499, or by e-mail at firm@snilaw.com, or visit our website: www.snilaw.com.