NEW YORK, Oct. 3, 2007 (PRIME NEWSWIRE) -- The law firms of Bernstein Litowitz Berger & Grossmann, LLP and Kirby McInerney, LLP announce that the United States District Court for the Eastern District of Pennsylvania has denied a motion to dismiss that was filed by defendants in In re Isolagen Securities Litigation (MDL No.1741).
The suit was filed on behalf of investors who purchased Isolagen Inc. ("Isolagen") (AMEX:ILE) securities (common stock as well as convertible notes) during the period March 3, 2004 through and including August 9, 2005 (the "Class Period"). The lawsuit pleads claims for violations of sections 10(b) and 20(a) of the Securities Exchange Act of 1934 as well as for violations of sections 11 and 12 of the Securities Act of 1933 arising out of false and misleading statements that were made during the Class Period concerning, among other things, the safety, efficacy, and developmental progress of Isolagen's skin treatment process. The named defendants are Isolagen, certain of its officers and directors, and underwriters Citigroup Global Markets, Inc., Canaccord Adams Inc., UBS Securities, LLC., CIBC World Markets Corp.
In denying defendants' motions to dismiss, the Court specifically rejected arguments raised by the underwriters for Isolagen's June 2004 and January 2005 secondary stock offering and Isolagen's February 2005 registration of convertible notes that none of the lead plaintiffs had purchased Isolagen shares or convertible notes in those offerings, and therefore lead plaintiffs could not pursue claims that arose from misleading statements in the offering documents.
If you purchased Isolagen shares or notes in or traceable to any of Isolagen's securities offerings or registration statements during the Class Period (i.e., March 3, 2004 through and including August 9, 2005), including Isolagen's June 2004 or January 2005 secondary stock offerings or Isolagen's February 2005 registration of convertible notes, or if you otherwise purchased Isolagen securities during the Class Period, and have any questions about this ruling or the lawsuit in general, please contact plaintiffs' lead counsel listed below.
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca.