SOURCE: Shareholders Foundation, Inc.

Shareholders Foundation, Inc.

March 13, 2012 09:48 ET

BioSante Pharmaceuticals, Inc. (BPAX) Investor Lawsuit and Deadline on April 6 Announced by Shareholders Foundation

SAN DIEGO, CA--(Marketwire - Mar 13, 2012) - The Shareholders Foundation, Inc. announces that a lawsuit has been filed in the U.S. District Court for the Northern District of Illinois on behalf of certain investors in shares of BioSante Pharmaceuticals, Inc. (BPAX) against BioSante Pharmaceuticals, Inc. over alleged Violations of Federal Securities Laws in connection with allegedly false and misleading statements.

A deadline to get actively involved is coming up on April 6, 2012.

Investors with a substantial investment in BioSante Pharmaceuticals, Inc. (BPAX) shares between February 12, 2010 and December 15, 2011, have certain options and should contact the Shareholders Foundation by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.

The plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired the securities of BioSante Pharmaceuticals, Inc. (BPAX) between February 12, 2010 and December 15, 2011, that BioSante Pharmaceuticals, along with its Chief Executive Officer violated the Securities Exchange Act of 1934. Specifically, the plaintiff alleges that the defendants issued a series of materially false and misleading statements to investors about LibiGel's commercial viability, effectiveness, and market potential that caused shares of BioSante Pharmaceuticals to trade at artificially high prices between February 12, 2010 and December 15, 2011.

On December 14, 2011, BioSante Pharmaceuticals, Inc announced the results from LibiGel Efficacy Trials. BioSante Pharmaceuticals, Inc. (BPAX) said that the initial analysis of the data from these trials shows that the trials did not meet the co-primary or secondary endpoints.

Shares of BioSante Pharmaceuticals, Inc. (BPAX) dropped from $2.50 on December 14, 2011, to $0.48 per share on December 15, 2011.

Those who purchased BioSante Pharmaceuticals, Inc. (BPAX) shares have certain options and should contact the Shareholders Foundation.

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

Contact Information

  • CONTACT:
    Shareholders Foundation, Inc.
    Trevor Allen
    +1 (858) 779-1554
    mail@shareholdersfoundation.com
    3111 Camino Del Rio North
    Suite 423
    San Diego, CA 92108