mail@shareholdersfoundation.com
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Aug 03, 2009 -
An investigation on behalf of long term investors of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)
, who currently hold their RIGL shares, over potential claims against Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)
and others, concerning possible securities violations related to public statements made by Rigel between December 13, 2007 and October 27, 2008 was announced.
If you are a long term investor in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)
securities and currently hold RIGL shares, you have certain options and you should contact the Shareholders Foundation, Inc. at:
Email: mail@shareholdersfoundation.com
Or call us: +1 (858) 779 1554
Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)
faces also a proposed securities class action lawsuit by investors, who purchased their shares between December 13, 2007 and October 27, 2008. On February 6, 2009 an investor in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)
has filed a proposed securities class action lawsuit in the United States District Court for the Northern District of California on behalf of purchasers of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)
securities during the period between December 13, 2007 and October 27, 2008, including all persons who acquired the common stock of Rigel pursuant and/or traceable to a false and misleading registration statement and prospectus issued in connection with the Company’s February 2008 secondary offering over alleged securities laws violations by Rigel Pharmaceuticals, Inc. According to the complaint the plaintiff alleges that charges Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL;
“Rigel”), certain of its officers and directors and the underwriters of the Offering violated the Securities Exchange Act of 1934 and the Securities Act of 1933. The complaint alleges that Rigel was developing a new drug, R788, for the treatment of rheumatoid arthritis. On December 13, 2007, Rigel issued a press release, which was attached as an exhibit to a Form 8-K filed with the SEC, and held a conference call touting the positive summary results of a then-recently-
completed clinical trial of R788 in 189 patients in the U.S. and Mexico (the “Study”). In response to the announcement of the summary results of the Study, Rigel’s common stock price more than tripled in one day, from $8 per share to $25.95, so the lawsuit. Subsequently Rigel completed its Secondary Public Offering and Rigel filed a Registration Statement and Prospectus with the SEC. This Registration Statement incorporated by reference Rigel’s December 13, 2007 press release detailing the results of the Study. The Secondary Public Offering was a financial success for Rigel, as it sold more than 5 million shares of stock to investors at a price of $27 per share, for gross proceeds of $135 million.
Thereafter, so the lawsuit, Rigel continued to tout the positive results of the Phase II clinical trial of R788, while on October 27, 2008 Rigel shocked investors when it presented the full results of the Study at a meeting of the American College of Rheumatology and on an investor conference call. The plaintiff alleges that those results contained adverse information that had been omitted form the Rigel’s December 13, 2007 press release and Form 8-K, as well as from the Registration Statement and the subsequent presentations. Specifically, so the lawsuit, Rigel disclosed that certain patients in the clinical trial taking the compound experienced an increase in blood pressure and as a result of the release of this news, Rigel stock plummeted from $14.41 to $8.84 $5.57 per share, or 38 percent, to close on October 28, 2008 at $8.84 per share, on unusually heavy trading volume.
Rigel Pharmaceuticals, Inc., located in South San Francisco, California, is a clinical-stage drug development company that discovers and develops small molecule drugs for the treatment of inflammatory/
autoimmune diseases, as well as for certain cancers and metabolic diseases. Rigel Pharmaceuticals, Inc reported in 2006 Total Revenue of $33.47million and in 2007 Total Revenue of $12.60million. Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)
traded recently at $8.33 per share, down from a 52weekHigh of $27.18 per share.
If you are a long term investor in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)
securities and currently hold RIGL shares, you have certain options and you should contact the Shareholders Foundation, Inc. at:
Email: mail@shareholdersfoundation.com
Or call us: +1 (858) 779 1554
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423 -
92108 San Diego
Tel:+1-(858)-
779-1554
Fax:+1-(858)-
605-5739
mail@shareholdersfoundation.com
www.ShareholdersFoundation.com
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Advertising. The Shareholders Foundation, Inc. is an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. We help investors find answers to their questions and equitable solutions to their problems. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
