NEW YORK, April 4, 2012 (GLOBE NEWSWIRE) -- The Rosen Law Firm today announced that a class action lawsuit has been filed on behalf of purchasers of Chelsea Therapeutics International, Ltd (Nasdaq:CHTP) common stock during the period from November 3, 2008 through March 28, 2012.
To join the class action against Chelsea Therapeutics go to the website at http://www.rosenlegal.com or call Laurence Rosen, Esq. or Phillip Kim, Esq. toll-free at 866-767-3653. You may also email lrosen@rosenlegal.com or pkim@rosenlegal.com for information on the class action.
The complaint alleges that Chelsea Therapeutics misled investors to believe that Northera (droxidopa), a drug it was developing for the treatment of symptomatic neurogenic orthostatic hypotension would receive approval from the U.S. Food and Drug Administration ("FDA") and misrepresented the safety and efficacy of the product.
On February 13, 2012, the Company disclosed that the FDA had raised questions regarding its clinical trials for Northera. In addition, a number of previously undisclosed serious adverse events patients taking Northera were revealed. As a result, Chelsea shares declined $1.88 per share or more than 37.5%, to close at $3.11 per share on February 13, 2012. The class action seeks to recover investors' losses.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER.
If you are a shareholder who purchased Chelsea Therapeutics securities during the Class Period, you have until June 4, 2012, to ask the Court to appoint you as lead plaintiff for the class.
If you wish to join the class action or to discuss your ability to recover your investment losses, please contact Laurence Rosen, Esq. or Phillip Kim, Esq. of The Rosen Law Firm toll-free at 866-767-3653 or via e-mail at lrosen@rosenlegal.com or pkim@rosenlegal.com.
The Rosen Law Firm has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud. The Rosen Law Firm represents investors throughout the nation, concentrating its practice in securities class actions.