Menu
Home
Forums
Forums
Quick Links
Search Forums
Recent Posts
job listings
catering
whistleblower info
legal help
advertise on CP
submit press release
Menu
Log in
Sign up
Search titles only
Posted by Member:
Separate names with a comma.
Newer Than:
Search this thread only
Search this forum only
Display results as threads
More...
Useful Searches
Recent Posts
Cafepharma Message Boards | Pharma Sales, Device Sales, Lab Sales
Home
Forums
>
Pharma/Biotech Companies
>
Dermira
>
Off label promotion
>
Reply to Thread
Name:
Verification:
Answer the above question:
(
CustomImgCaptcha
By
Surrey Forum
)
Message:
<p>[QUOTE="anonymous, post: 6199923"]<font size="3"><b>Connetics Corporation Securities Litigation</b></font></p><p><b>Case Status: </b> SETTLED </p><p>On or around 10/09/2009 (Date of order of final judgment)</p><p><br /></p><p>Filing Date: September 18, 2006</p><p><br /></p><p>The original complaint charges Connetics and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Connetics is a specialty pharmaceutical company that engages in the development and commercialization of products for the medical dermatology market.</p><p><br /></p><p>Specifically, the complaint alleges that during the Class Period, defendants made false statements about the Company's most important new drug (Velac) concerning findings that would likely prevent FDA approval. Defendants also reported false financial results by failing to properly reserve for rebates. On May 3, 2006, Connetics announced it could not file its quarterly report on time due to a restatement of its financial results. As a result of defendants' false statements, Connetics' stock traded at inflated levels during the Class Period, which allowed defendants to reap millions of dollars in insider trading proceeds. However, after the May 3, 2006 announcement, the Company's shares collapsed 45% from their high. The stock now trades at $10-$11 per share, some 63% below the Class Period high of $29.92.</p><p><br /></p><p>According to the complaint, the true facts, which were known by the defendants but concealed from the investing public during the Class Period, were as follows: (a) the carcinogenicity study of Velac had indicated that 89 out of 160 mice treated with Velac developed tumors; (b) prior to the Class Period, Connetics had been informed by a panel of toxicology experts that they were unaware of any drug with similar results to Velac ever being approved by the FDA; (c) the Company's new Velac drug would be deemed unsafe by the FDA and would not provide the revenue and income promised by the Company; (d) the Company would not be able to achieve the operating results for 2006-2007 as projected due to its inability to launch Velac; and (e) the Company was falsifying its financials for at least 2005 and likely earlier due to improper accounting for rebates.[/QUOTE]</p><p><br /></p>
[QUOTE="anonymous, post: 6199923"][SIZE=3][B]Connetics Corporation Securities Litigation[/B][/SIZE] [B]Case Status: [/B] SETTLED On or around 10/09/2009 (Date of order of final judgment) Filing Date: September 18, 2006 The original complaint charges Connetics and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Connetics is a specialty pharmaceutical company that engages in the development and commercialization of products for the medical dermatology market. Specifically, the complaint alleges that during the Class Period, defendants made false statements about the Company's most important new drug (Velac) concerning findings that would likely prevent FDA approval. Defendants also reported false financial results by failing to properly reserve for rebates. On May 3, 2006, Connetics announced it could not file its quarterly report on time due to a restatement of its financial results. As a result of defendants' false statements, Connetics' stock traded at inflated levels during the Class Period, which allowed defendants to reap millions of dollars in insider trading proceeds. However, after the May 3, 2006 announcement, the Company's shares collapsed 45% from their high. The stock now trades at $10-$11 per share, some 63% below the Class Period high of $29.92. According to the complaint, the true facts, which were known by the defendants but concealed from the investing public during the Class Period, were as follows: (a) the carcinogenicity study of Velac had indicated that 89 out of 160 mice treated with Velac developed tumors; (b) prior to the Class Period, Connetics had been informed by a panel of toxicology experts that they were unaware of any drug with similar results to Velac ever being approved by the FDA; (c) the Company's new Velac drug would be deemed unsafe by the FDA and would not provide the revenue and income promised by the Company; (d) the Company would not be able to achieve the operating results for 2006-2007 as projected due to its inability to launch Velac; and (e) the Company was falsifying its financials for at least 2005 and likely earlier due to improper accounting for rebates.[/QUOTE]
Your name or email address:
Do you already have an account?
No, create an account now.
Yes, my password is:
Forgot your password?
Stay logged in
Cafepharma Message Boards | Pharma Sales, Device Sales, Lab Sales
Home
Forums
>
Pharma/Biotech Companies
>
Dermira
>
Off label promotion
>
Cafepharma Message Boards | Pharma Sales, Device Sales, Lab Sales
Home
Forums
>
Pharma/Biotech Companies
>
Dermira
>
Off label promotion
>