Judge Dismisses 2007 Class Action Case Against Flamel Technologies
22 3월 2013 - 10:00PM
Marketwired
Flamel Technologies (NASDAQ: FLML) today announced that Judge
Robert Sweet of the United States District Court for the Southern
District of New York issued a summary judgment on March 8, 2013
dismissing a class action suit against the Company, and its former
CEO. The initial class action was filed in 2007 and, during the six
year period, had two different plaintiffs. The case, Billhofer v.
Flamel Technologies, et al., alleged claims arising under the
Securities Exchange Act of 1934 based on certain public statements
by the Company concerning, among other things, Coreg CR. The
Company previously stated that it intended to vigorously defend
itself in the action.
In dismissing the case, Judge Sweet's opinion states that "as
there is no genuine issue of fact and no reasonable jury could find
in the lead plaintiff's favor on his claim, the motion for summary
judgment is granted."
About Flamel Technologies. Flamel
Technologies SA's (NASDAQ: FLML) business model is to blend
high-value internally developed products with its leading drug
delivery capabilities. The Company has a proprietary pipeline of
niche specialty pharmaceutical products, while its drug delivery
platforms are focused on the goal of developing safer, more
efficacious formulations of drugs to address unmet medical needs.
Its partnered pipeline includes biological and chemical drugs
formulated with its Medusa® and Micropump® (and its applications to
the development of liquid formulations, i.e. LiquiTime™ and of
abuse-deterrent formulations Trigger Lock™) proprietary drug
delivery platforms. Several Medusa-based products have been
successfully tested in clinical trials. The Company has developed
products and manufactures Micropump-based microparticles under
FDA-audited GMP guidelines. Flamel Technologies has collaborations
with a number of leading pharmaceutical and biotechnology
companies, including GlaxoSmithKline (Coreg CR®, carvedilol
phosphate). The Company is headquartered in Lyon, France and has
operations in St. Louis, Missouri, USA, and manufacturing
facilities in Pessac, France. Additional information may be found
at www.flamel.com.
This release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995,
including certain plans, expectations, goals and projections
regarding financial results, product developments and technology
platforms. All statements that are not clearly historical in nature
are forward-looking, and the words "anticipate," "assume,"
"believe," "expect," "estimate," "plan," "will," "may," and similar
expressions are generally intended to identify forward-looking
statements. All forward-looking statements involve risks,
uncertainties and contingencies, many of which are beyond our
control that could cause actual results to differ materially from
those contemplated in such forward-looking statements. These risks
include risks that the acquisition of Éclat Pharmaceuticals may not
be successfully integrated or that certain payment acceleration
events may be triggered; the new hospital-based product under FDA
review may not be approved or such approval may be delayed; the
reacquisition of the exclusive rights to develop and commercialize
IFN-β XL worldwide and identification of an alternative strategic
partner for the program may not be successful; the identified
opportunities will not result in shorter-term, high value results;
clinical trial results may not be positive or our partners may
decide not to move forward; management transitions may be
disruptive or not succeed as planned; products in the development
stage may not achieve scientific objectives or milestones or meet
stringent regulatory requirements; products in development may not
achieve market acceptance; competitive products and pricing may
hinder our commercial opportunities; we may not be successful in
identifying and pursuing opportunities to develop our own product
portfolio using Flamel's technology; and the risks associated with
our reliance on outside parties and key strategic alliances. These
and other risks are described more fully in Flamel's Annual Report
on Form 20-F for the year ended December 31, 2011 that has been
filed with the Securities and Exchange Commission (SEC). All
forward-looking statements included in this release are based on
information available at the time of the release. We undertake no
obligation to update or alter our forward-looking statements as a
result of new information, future events or otherwise.
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