RADNOR, Pa., Aug. 23 The following statement was issuedtoday by the law firm of Schiffrin Barroway Topaz & Kessler, LLP:
Notice is hereby given that a class action lawsuit was filed in the UnitedStates District Court for the Southern District of New York on behalf of allpurchasers of securities of GPC Biotech AG (Nasdaq: GPCB) ("GPC" or the"Company") from December 5, 2005 through July 24, 2007, inclusive (the "ClassPeriod").
If you wish to discuss this action or have any questions concerning thisnotice or your rights or interests with respect to these matters, pleasecontact Schiffrin Barroway Topaz & Kessler, LLP (Darren J. Check, Esq. orRichard A. Maniskas, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, orvia e-mail at [email protected]
The Complaint charges GPC and certain of its officers and directors withviolations of the Securities Exchange Act of 1934. GPC is a biopharmaceuticalcompany engaged in the discovery, development and commercialization of newdrugs to treat cancer. More specifically, the Complaint alleges that theCompany failed to disclose and misrepresented the following material adversefacts which were known to defendants or recklessly disregarded by them: (1)that the U.S. Federal Drug Administration ("FDA") had previously expresseddisapproval regarding the Company's choice of methodology and a primaryendpoint in the satraplatin studies; (2) that the Company continued toevaluate satraplatin using the disputed endpoint; (3) that the Companydisregarded the FDA's previously expressed concerns about the disputed primaryendpoint, and submitted the satraplatin study results to the FDA with thedisputed primary endpoint supporting its satraplatin New Drug Application("NDA"); (4) that the FDA's evaluators would be unable to determine diseaseprogression from the Company's NDA submission; and (5) that the interim datasubmitted with the NDA would not allow the FDA to conclude that satraplatinwas more effective than placebo in terms of overall survival.
Throughout the Class Period, the Company reported positive results fromits satraplatin Phase 3 trial, and indicated that data from the trial wouldform the Company's New Drug Application ("NDA") with the FDA. The Companyreported a 40 percent reduction in risk of disease progression for studyparticipants who received satraplatin, and reported that the study data showedthat the results for PFS were highly statistically significant. The Company'sinvestors were shocked on July 20, 2007, when the FDA released its "BriefingDocument" in advance of the FDA's Oncology Drugs Advisory Committee's meetingto consider the satraplatin NDA. Therein, the FDA cited five "issues" that ithad with the Company's satraplatin NDA. On this news, the Company's sharesdeclined $7.80 per share, or over 24.5 percent, to close on July 20, 2007 at$24.00 per share, on unusually heavy trading volume. On the following tradingday, the Company's shares declined an additional $3.05 per share, to close onJuly 23, 2007 at $20.95 per share.
Then on July 24, 2007, the FDA's advisory panel voted 12-0 to recommenddelaying a decision on satraplatin until the Company gathered additional datato determine whether satraplatin actually helped men with prostate cancer livelonger. In response, the Company disclosed that it did not expect to have thenecessary survival analysis for another year. On this news, the Company'sshares declined an additional $7.19 per share, or 35.36 percent, to close onJuly 25, 2007 at $13.16 per share, on unusually heavy trading volume.
Plaintiff seeks to recover damages on behalf of class members and isrepresented by the law firm of Schiffrin Barroway Topaz & Kessler whichprosecutes class actions in both state and federal courts throughout thecountry. Schiffrin Barroway Topaz & Kessler is a driving force behindcorporate governance reform, and has recovered billions of dollars o