Pomerantz Law Firm Reminds Shareholders of Columbia Laboratories, Inc. of Upcoming Deadline -- CBRX
NEW YORK, March 16, 2012 (GLOBE NEWSWIRE) -- Shareholders of Columbia Laboratories, Inc. ("Columbia" or the "Company") (Nasdaq: CBRX) are reminded of the securities class action lawsuit filed against Columbia and certain of its officers. The class action, filed in United States District Court, District of New Jersey, is on behalf of a class consisting of all persons or entities who purchased Columbia securities between December 6, 2010 and January 20, 2012, inclusive (the "Class Period"). This class action is brought under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. Sections 78j(b) and 78t(a); and SEC Rule 10b-5 promulgated thereunder by the SEC, 17 C.F.R. Section 240.10b-5.
If you are a shareholder who purchased Columbia securities during the Class Period, you have until Monday, April 2, 2012 to ask the Court to appoint you as lead plaintiff for the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Rachelle R. Boyle at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, x350. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
Columbia is an international pharmaceutical company that develops and markets women's health care and endocrinology products. The Complaint alleges that, throughout the Class Period, Columbia conditioned investors to believe that the Company's PROCHIEVE progesterone vaginal gel 8% ("PROCHIEVE 8%"), a gel intended to prevent preterm births in women with short cervices, would receive FDA approval through a host of materially false and misleading statements regarding the safety and efficacy of the product, as well as reportedly positive results from PROCHIEVE's clinical trials.
On January 17, 2012, the FDA published information ahead of a meeting by the Advisory Committee for Reproductive Health Drugs of the FDA ("Advisory Committee") scheduled for January 20, 2012. The FDA documents revealed that PROCHIEVE 8% did "not support the efficacy of progesterone gel compared with placebo in reducing the risk of preterm births before 33 completed weeks of gestation among women with a short cervical strength." Moreover, the safety of the gel was similar to a placebo as "[n]o maternal deaths occurred and the rates of fetal, neonatal and infant deaths were similar in both treatment arms."
As a result of this revelation, Columbia shares declined $1.305 per share or more than 54%, to close at $1.095 per share on January 17, 2012.
On January 20, 2012, the Advisory Committee voted 13 to 4 not to recommend approval of PROCHIEVE 8%, as the risks of the progesterone gel outweighed the benefits.
As a result, Columbia's shares declined an additional $0.874 per share or more than 55%, to close at $0.706 per share on January 23, 2012.
The Pomerantz Firm, with offices in New York, Chicago, and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.