PHILADELPHIA, Jan. 24, 2001 (PRIMEZONE) -- Berger & Montague, P.C. announced that it has filed a Complaint alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The action, seeking class action status, was filed in the United States District Court for the Southern District of California on behalf of purchasers of Maxim Pharmaceuticals (Nasdaq:MAXM) common stock during the period from November 17, 1999 through December 13, 2000, inclusive, or in the secondary offering of Maxim common stock in February 23, 2000 (the "Class Period").
If you purchased Maxim Pharmaceuticals, Inc. ("Maxim") common stock during the period November 17, 1999 through December 13, 2000, inclusive, and you wish to join this action, you may, not later than February 12, 2001, move the court to serve as a representative plaintiff for the Class. If you wish to discuss this action or have any questions concerning this notice or your rights with respect to these matters, please contact Sherrie R. Savett, Esq. or Carole A. Broderick, Esq., of Berger & Montague, P.C. toll-free at 888-891-2289, investorprotect@bm.net.
The Complaint alleges that Maxim and certain of its senior officers and directors misrepresented the status of the clinical trials and the Company's application to the FDA for approval of its Maxamine. During the Class Period, Maxim represented that it had submitted strong and compelling evidence of the product's efficacy to the FDA and that it expected approval. On December 13, 2000, an FDA advisory panel unanimously voted against approval.
Plaintiff alleges that the defendants represented that administration of Maxamine significantly extended the survival of patients with metastatic melanoma. Plaintiffs allege that this representation was false and misleading because the reported difference in survival was primarily due to an egregious statistical manipulation, and concealed differences in patient characteristics, rather than to Maxamine.
Plaintiff is represented by Berger & Montague, P.C. Berger & Montague, P.C. has over 50 attorneys, representing plaintiffs in complex litigation. The Berger firm has extensive experience in representing plaintiffs in class action securities litigation and has played lead roles in major cases over the past 25 years which have resulted in recoveries in excess of 2 billion dollars for investors.
The firm is currently representing investors as lead counsel in actions against Rite Aid, Waste Management, Inc., Sunbeam, Boston Chicken and IKON Office Solutions, Inc. The standing of Berger & Montague, P.C. in successfully conducting major securities and antitrust litigation has been recognized by numerous courts. For example:
"Class counsel did a remarkable job in representing the class
interests."
In Re: IKON Offices Solutions Securities Litigation.
Civil Action No. 98-4286 (E.D.Pa.) (partial settlement for
$111 million approved May, 2000).
"...[Y]ou have acted the way lawyers at their best ought to act.
And I have had a lot of cases ... in 15 years now as a judge and
I cannot recall a significant case where I felt people were
better represented than they are here... I would say this has
been the best representation that I have seen."
In Re Waste Management, Inc. Securities Litigation, Civil
Action No. 97-C 7709 (N.D. Ill.) (settled in 1999 for
$220 million).
If you purchased Maxim Pharmaceuticals Inc. common stock during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, you may contact:
Sherrie R. Savett, Esquire Carole A. Broderick, Esquire Kimberly A. Walker, Investor Relations Manager Berger & Montague, P.C. 1622 Locust Street Philadelphia, PA 19103 Phone: 888-891-2289 or 215-875-3000 Fax: 215-875-5715 Website: http://www.investorprotect.com e-mail: InvestorProtect@bm.net
More information on this and other class actions may be found at www.primezone.com/ca