SAN DIEGO--(BUSINESS WIRE)--Shareholder rights firm Robbins Umeda LLP announces an investigation into BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX). Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Gregory E. Del Gaizo at (800) 350-6003, gdelgaizo@robbinsumeda.com, or via the shareholder information form on the firm's website.
Robbins Umeda LLP is investigating whether officers or directors at BioSante issued materially false and misleading statements to investors that were designed to deceive the market and artificially inflate the company's stock price. In particular, the firm is examining allegations that senior officials at BioSante misled investors about the commercial viability, effectiveness, and market potential for LibiGel, an experimental compound intended to boost women’s libido. On December 14, 2011, BioSante first disclosed to investors that LibiGel failed to yield positive results in large-scale efficacy tests designed by the company. According to study results, women treated with LibiGel did not experience a statistically significant increase in either total satisfying sexual encounters or sexual desire.
Since these facts have emerged, shares of BioSante have lost over 75% of their value. After recently trading as high as $2.66 per share on December 13, 2011, shares of BioSante's common stock closed on December 19, 2011, at just $0.38 per share.
Robbins Umeda LLP highlights that one option available to BioSante shareholders is filing a class action lawsuit on behalf of investors to recover damages incurred as a result of the wrongdoing.
Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsumeda.com.
Press release link: http://www.robbinsumeda.com/shareholders-rights-blog/biosante-pharmaceuticals-inc/
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