SOURCE: Brower Piven, A Professional Corporation

February 12, 2009 15:03 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $200,000 From Investment in Rigel Pharmaceuticals, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the April 7, 2009 Lead Plaintiff Deadline

BALTIMORE, MD--(Marketwire - February 12, 2009) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of all persons who acquired Rigel Pharmaceuticals, Inc. ("Rigel" or the "Company") (NASDAQ: RIGL) securities during the period between December 13, 2007 and October 27, 2008, inclusive (the "Class Period"), including all persons who acquired the common stock of Rigel pursuant and/or traceable to a false and misleading registration statement and prospectus (collectively, the "Registration Statement") issued in connection with the Company's February 2008 secondary offering (the "Offering").

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 April 7, 2009 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 may contact Brower Piven (through or 410/986-0036) to answer any questions you may have in that regard.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 and of the Securities Act of 1933 by virtue of the Company's failure to disclose during the Class Period, including in connection with a February 6, 2008 $27 per share $135 million offering of the Company's common stock, adverse results in clinical trials of its R788 drug for the treatment of rheumatoid arthritis. According to the complaint, on October 27, 2008, after the Company revealed the previously undisclosed adverse results, the value of Rigel's stock declined significantly.

If you have suffered a net loss for all transactions in Rigel Pharmaceuticals, Inc. securities during the Class Period, including shares or possibly calls purchased during, but retained after, the Class Period or possibly put options sold but not covered until after the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at, by email at, by calling 410-986-0036, or at Brower Piven, A Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. 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

    Charles J. Piven
    Brower Piven, A Professional Corporation
    Baltimore, Maryland
    Email Contact