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The Rosen Law Firm Files Class Action Lawsuit Charging Radient Pharmaceuticals Corporation With Securities Fraud - RPC

^{Published on 2011-03-11 21:00:45 - Market Wire}
 

NEW YORK, NY--(Marketwire - March 11, 2011) - The Rosen Law Firm, P.A. today announced it has filed a class action lawsuit on behalf of investors who purchased the common stock of Radient Pharmaceuticals Corporation ("Radient" or the "Company") (NYSE Amex: [ RPC ]) during the period between January 18, 2001 and March 4, 2011, inclusive (the "Class Period"), seeking to recover damages for violations of federal securities laws.

To join the Radient class action, visit the firm's website at [ http://www.rosenlegal.com ], or call Laurence Rosen, Esq. or Phillip Kim, Esq., toll-free, at 866-767-3653; you may also email [ lrosen@rosenlegal.com ] or [ pkim@rosenlegal.com ] for information on the class action. The case is pending in the U.S. District Court for Central District of California.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.

The Complaint asserts violations of the Securities Exchange Act against Radient and its officers and directors for materially misrepresenting the involvement of the prestigious Mayo Clinic in the Company's clinical trial of Onko-Sure. On January 18, 2011, Radient issued a press release announcing "progress on its clinical study with the Mayo Clinic..." In connection with the clinical study, the Company claimed that samples were being tested by the Company and the Mayo Clinic to directly compare the efficacy of the Onko-Sure test with another test. On March 7, 2011, TheStreet.com issued an article refuting claims that the Mayo Clinic was conducting a clinical trial with Radient. In the article, the Mayo Clinic is quoted as stating that: "Mayo is not engaged in clinical studies with Radient and does not have a partnership agreement with Radient." The Mayo Clinic added that: "The services Mayo was required to provide to Radient have been fulfilled. Any clinical study results about Onko-Sure would be provided by Radient, not Mayo Clinic." As a result of this adverse news, the price of Radient stock fell, damaging investors.

If you wish to serve as lead plaintiff, you must move the Court no later than May 10, 2011. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, 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 ]. You may also visit the firm's website at [ http://www.rosenlegal.com ].

The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.