NEW YORK, May 21, 2013 (GLOBE NEWSWIRE) -- The Rosen Law Firm announces a significant victory by investors in the Radient Pharmaceuticals Corporation (OTC:RXPC) investor class action pending in the U.S. District Court for the Central District of California in Santa Ana.
On May 20, 2013 the Court resolved motions for summary judgment filed by defendants Radient, Douglas MacLellan and Akio Ariura. The Court found that there were genuine disputes of material fact as to whether Radient and MacLellan committed securities fraud and denied their motions for summary judgment. The Court granted Ariura's motion and he is no longer a defendant.
This is a significant victory because it means that Court found that based on the evidence there are issues of fact that should be heard by a jury. The jury trial is scheduled to commence on November 12, 2013.
The action was originally filed in March 2011 and seeks to recover losses suffered by all purchasers of Radient common stock between January 18, 2011 and March 4, 2011, inclusive ("Class Period"). Plaintiffs assert that on January 18, 2011 Radient issued a materially false and misleading press release by falsely touting the prestigious Mayo Clinic's involvement in a clinical trial for Radient's product Onko-Sure. According to the complaint, when the market learned the truth that the Mayo Clinic was not involved in the Onko-Sure clinical trial as Radient represented, the price of Radient common stock declined damaging investors.
If you have information pertinent to this action or would like to learn more about these claims, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Laurence Rosen, Esq. or Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at lrosen@rosenlegal.com or pkim@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.