STEVENSON, Md., Oct. 29, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of Florida on behalf of purchasers of Catalyst Pharmaceutical Partners, Inc. ("Catalyst" or the "Company") (Nasdaq:CPRX) securities during the period between October 31, 2012 and October 18, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Catalyst Pharmaceutical Partners, Inc. securities purchased on or after October 31, 2012, and held through the revelation of negative information on October 18, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than December 24, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that one of its competitors, Jacobus Pharmaceutical Company ("Jacobus"), had already been manufacturing a drug biologically equivalent to the Company's drug, Firdapse, and that Jacobus was providing its drugs to patients to treat Lambert-Eaton Myasthenic Syndrome free of charge, through a compassionate use program. According to the complaint, following an October 18, 2013 article in The Street, entitled "Catalyst Pharma: Orphan Drug Poseur, Profiteer," which disclosed that Catalyst's new drug Firdapse was the same drug that Jacobus had already been manufacturing and providing in the United States for at least twenty years, the value of Catalyst shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.