SOURCE: Brower Piven, A Professional Corporation

April 11, 2012 15:13 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $200,000 From Investment in Chelsea Therapeutics International, Ltd. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the June 4, 2012 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - Apr 11, 2012) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Western District of North Carolina on behalf of purchasers of the common stock of Chelsea Therapeutics International, Ltd. ("Chelsea" or the "Company") (NASDAQ: CHTP) during the period between June 9, 2011 and February 17, 2012, inclusive (the "Class Period").

If you have suffered a net loss for all transactions in Chelsea Therapeutics International, Ltd. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than June 4, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period, contrary to the Company's representation that Northera (droxidopa), an orally-active synthetic precursor of norepinephrine being developed for the treatment of symptomatic neurogenic orthostatic hypotension, would receive approval from the U.S. Food and Drug Administration ("FDA"), there were concerns regarding the safety and efficacy of Northera. According to the complaint, after, on February 13, 2012, the Company announced that the FDA had raised questions regarding the size and duration of its clinical trials for Northera, noting three deaths as being possibly related to Northera, after, on February 21, 2012, the FDA published information that the FDA staff report recommended that Northera not be approved due to safety concerns (worrisome safety signals that arose during the open-label phase of the trials which included deaths, strokes, myocardial infarction, progression of underlying disease and hypertensive crisis) and the absence of evidence of durability of effect, and after, on March 28, 2012, the Company disclosed that it had received a complete response letter from the FDA whereby it rejected the Company's New Drug Application for Northera, the value of Chelsea shares declined significantly.

If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact