PHILADELPHIA, April 5, 2012 (GLOBE NEWSWIRE) -- Law Offices Bernard M. Gross, P.C. filed a class action lawsuit in the United States District Court, Western District of North Carolina, 12cv 00215, on behalf of all persons who purchased or otherwise acquired the common stock of Chelsea Therapeutics Int'l Ltd. ("Chelsea") (Nasdaq:CHTP) between June 9, 2011 and February 17, 2012, against the Company, Arthur Hewitt and Simon Pedder for violations of the Securities Exchange Act of 1934.
Chelsea has been developing the drug Northera ("Droxidopa") for use in treating neurogenic orthostatic hypotension ("NOH") in patients with primary autonomic failure, including Parkinson's disease. This action involves alleged material misstatements and omissions by Defendants during the Class Period concerning the safety and efficacy of Droxidopa for patients with NOH, the results of the Phase III testing of Droxidopa for patients with NOH, the post-marketing events in Japan and the likelihood of FDA approval of Droxidopa for patients with NOH in light of the known adverse material facts concerning Droxidopa for patients with NOH resulting in artificially inflating the market price of Chelsea common stock during the Class Period. It is further alleged that when the true facts concerning the safety and efficacy of Droxidopa for patients with NOH were revealed to the market, first in a press release on February 13, when defendants disclosed they had received the FDA briefing document, and then on February 21, when the FDA disclosed the briefing document, the artificial inflation of Chelsea's common stock was removed and Chelsea's common stock price declined dramatically. As a result, on February 13, 2012, the market price of Chelsea common stock dropped significantly, declining from $4.99 per share to close at $3.11 per share, to decline again on Feb. 22, 2012 closing at $2.41 per share.
If you wish to serve as lead plaintiff, you must move the Court no later than June 4, 2012. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action or any questions concerning this notice, please contact plaintiff's counsel, Deborah R. Gross or Susan R. Gross at 866-561-3600 or via email at debbie@bernardmgross.com or susang@bernardmgross.com. A copy of the complaint can be viewed at www.bernardmgross.com.
Plaintiffs are represented by Law Offices Bernard M. Gross, P.C. The firm has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Any questions, Please Contact:
Law Offices Bernard M. Gross, P.C.
Susan R. Gross, Esquire
Deborah R. Gross, Esquire
Telephone: 866-561-3600 (toll free)
E-mail: susang@bernardmgross.com or
debbie@bernardmgross.comWebsite: http://www.bernardmgross.com