NEW YORK, March 12, 2010 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the District of Massachusetts on behalf of purchasers of Novelos Therapeutics, Inc. ("Novelos" or the "Company") (OTCBB:NVLT) stock during the period between December 14, 2009 and February 24, 2010, inclusive (the "Class Period") for violations of the federal securities laws.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Novelos common stock during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so within 60 days of March 5, 2010. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Sue Lee or David Titus at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The complaint alleges that, during the Class Period, Harry S. Palmin, the President, Chief Executive Officer and director of the Company, made positive statements regarding the pivotal Phase 3 clinical trial of the Company's primary new drug candidate, NOV-002, which was being evaluated as a treatment for advanced non-small cell lung cancer when used in combination with first-line chemotherapy. Defendant Palmin stated, among other things, that the NOV-002 Phase 3 trial had lasted longer than anticipated because patients in the trial were living longer than the Company expected. The complaint further alleges that these statements were materially false and misleading because defendant Palmin knew, or recklessly disregarded, that the unexpected length of the trial could be, and was, in fact, caused by the survival times of the patients in the control arm of the study who did not receive NOV-002.
The Brualdi Law Firm, P.C. is a New York, New York based law firm that dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, with a particular emphasis on sophisticated class action litigation in the securities, and antitrust areas as well as corporate derivative suits. More information about the firm is available through its website, www.brualdilawfirm.com, and upon request from the firm.
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