Health & Fitness
Tue, February 7, 2012
SAN DIEGO--([ BUSINESS WIRE ])--Robbins Geller Rudman & Dowd LLP (aRobbins Gellera) ([ http://www.rgrdlaw.com/cases/columbia/ ]) today announced that a class action has been commenced in the United States District Court for the District of New Jersey on behalf of purchasers of Columbia Laboratories, Inc. (aColumbiaa) (NASDAQ:CBRX) publicly traded securities during the period between December 6, 2010 and January 20, 2012 (the aClass Perioda).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from February 1, 2012. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiffas counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at [ djr@rgrdlaw.com ]. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at [ http://www.rgrdlaw.com/cases/columbia/ ]. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Columbia and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Columbia is engaged in the business of developing, manufacturing and selling pharmaceutical products that utilize its bioadhesive drug delivery technologies to treat various medical conditions.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Companyas progesterone vaginal gel product, PROCHIEVE, for reducing the risk of preterm birth in women. Instead of truthfully disclosing concerns about PROCHIEVEas efficacy in reducing the risk of preterm birth, defendants continuously hyped PROCHIEVEas combination of efficacy, safety and tolerability during the Class Period. As a result of defendantsa false statements, Columbiaas stock traded at artificially inflated prices during the Class Period, reaching a high of $4.03 per share on April 6, 2011.
On December 14, 2011, Columbia issued a press release announcing that a meta-analysis of data from five double-blind, placebo-controlled trials of progesterone vaginal gel indicated a reduced risk of preterm birth and neonatal morbidity. Then, on January 20, 2012, the Company issued a press release announcing that the Advisory Committee for Reproductive Health Drugs of the FDA had not recommended approval of progesterone vaginal gel for the reduction of risk of preterm birth, advising that the FDA panel members needed more information to support approval. On this news, Columbiaas stock fell $0.87 per share to close at $0.71 per share on January 23, 2012 a" a decline of over 55% on volume of 17.7 million shares.
According to the complaint, the true facts, which were known by the defendants but concealed from the investing public during the Class Period, were as follows: (a) defendants failed to disclose the truth concerning the results of the studies for PROCHIEVE; (b) defendants failed to disclose the truth concerning the likelihood of FDA approval for PROCHIEVE; and (c) contrary to defendantsa representations, Columbiaas future was not avery gooda due to the efficacy issues with PROCHIEVE.
Plaintiff seeks to recover damages on behalf of all purchasers of Columbia publicly traded securities during the Class Period (the aClassa). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Robbins Geller, a 180-lawyer firm with offices in San Diego, San Francisco, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Robbins Geller Web site ([ http://www.rgrdlaw.com ]) has more information about the firm.
