CASES
Radient Pharmaceuticals, Inc.
Class Period: Jan 18, 2011 to Mar 4, 2011
Lead Plaintiff Deadline: May 10, 2011 + Deadline passed
Summary of Case:
A securities class action has been filed against Radient Pharmaceuticals Corporation (RPC) ("Radient" or the "Company") on behalf of all securities purchasers from January 18, 2011 through March 4, 2011, inclusive ("Class Period") in the United States District Court for the Central District of California.
The complaint alleges that Radient and its officers and directors materially misrepresented the involvement of the prestigious Mayo Clinic in the Company's clinical trial of Onko-Sure. On January 18, 2011, Radient issued a press release announcing "progress on its clinical study with the Mayo Clinic..." In connection with the clinical study, the Company claimed that samples were being tested by the Company and the Mayo Clinic to directly compare the efficacy of the Onko-Sure test with another test. On March 7, 2011, TheStreet.com issued an article refuting claims that the Mayo Clinic was conducting a clinical trial with Radient. In the article, the Mayo Clinic is quoted as stating that: "Mayo is not engaged in clinical studies with Radient and does not have a partnership agreement with Radient." The Mayo Clinic added that: "The services Mayo was required to provide to Radient have been fulfilled. Any clinical study results about Onko-Sure would be provided by Radient, not Mayo Clinic." As a result of this adverse news, the price of Radient stock fell, damaging investors.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.