BOULDER, Colo., Feb. 10, 2009 (GLOBE NEWSWIRE) -- Advertising Material -- The Shuman Law Firm today announced that a lawsuit seeking class action status has been filed in the United States District Court for the Northern District of California on behalf of a proposed class (the "Class") consisting of all persons or entities who purchased or otherwise acquired the securities of Rigel Pharmaceuticals, Inc. ("Rigel" or the "Company") (Nasdaq:RIGL) between December 13, 2007 and October 27, 2008, inclusive (the "Class Period"). Also included are those who acquired Rigel common stock in the Company's February 2008 Secondary Offering.
If you wish to discuss this action or have any questions concerning this Notice or your rights and interests with respect to these matters, or to receive a copy of the Complaint, please contact Kip B. Shuman or Rusty E. Glenn toll free at (866) 974-8626 or email Mr. Shuman at kip@shumanlawfirm.com or Mr. Glenn at rusty@shumanlawfirm.com.
The Complaint charges that Rigel and certain of its officers and directors violated federal securities laws. Specifically, defendants are alleged to have issued materially false and misleading statements about a clinical trial (the "Study") of a new drug, R788, for the treatment of rheumatoid arthritis. The Study involved 189 patients in the U.S. and Mexico. The Complaint alleges that throughout the Class Period defendants failed to disclose the following: (i) patients in Mexico had higher response rates in both the placebo and treated arms than the U.S. patients, which may have contributed disproportionately to the overall reported benefit observed at the higher doses; (ii) R788 caused an increase in average blood pressure which could signal an increase in cardiovascular risk, and the mechanism that caused the increase was not well understood; and (iii) patients in the Study taking R788 experienced increased liver enzymes compared to patients taking the placebo.
If you are a member of the proposed class, you may, no later than April 7, 2009, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and derivative litigation.
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