NEW YORK, July 31, 2009 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. is investigating the conduct of Rigel Pharmaceuticals, Inc. ("Rigel" or the "Company") (Nasdaq:RIGL) and its board of directors (the "Board") as a result of allegations made in a recently filed proposed class action lawsuit pending in the United States District Court for the Northern District of California.
That lawsuit alleges that the Company, its officers and directors issued materially false and misleading statements about a clinical trial (the "Study") of a new drug, R788, for the treatment of rheumatoid arthritis. The Study involved 189 patients in the U.S. and Mexico. It is alleged that the Company failed to disclose the following: (i) patients in Mexico had higher response rates in both the placebo and treated arms than the U.S. patients, which may have contributed disproportionately to the overall reported benefit observed at the higher doses; (ii) R788 caused an increase in average blood pressure which could signal an increase in cardiovascular risk, and the mechanism that caused the increase was not well understood; and (iii) patients in the Study taking R788 experienced increased liver enzymes compared to patients taking the placebo.
If you are a current Rigel shareholder you may have valuable legal rights. The Company and its Board may have engaged in misconduct leading to Rigel's dramatic loss in stock price. If you have information or would like to learn more about these claims, or if you wish to discuss these matters or 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, P.A., 350 Fifth Avenue, Suite 5508, New York, New York 10118 by telephone at (866) 767-3653, or by e-mail to lrosen@rosenlegal.com or pkim@rosenlegal.com.
The Rosen Law Firm represents investors around the globe, concentrating its practice in securities class actions and shareholder litigation.
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