LITTLE ROCK, Ark., Jan. 26, 2004 (PRIMEZONE) -- Emerson Poynter LLP, a securities and 401 K retirement plan class action trial law firm, announced today that a class action lawsuit has been filed in the United States District Court for the District of Massachusetts, on behalf of persons who purchased or otherwise acquired publicly traded securities of Biopure Corporation ("Biopure" or the "Company") (Nasdaq:BPUR) between March 17, 2003 and December 24, 2003, inclusive, (the "Class Period"). The lawsuit was filed against Biopure, Thomas A. Moore, Carl W. Rausch and Ronald F. Richards.
The complaint alleges that during the Class Period, Defendants issued numerous positive statements concerning the progress of its application to the U.S. Food and Drug Administration ("FDA") seeking regulatory approval to market Hemopure in the United States for patients undergoing orthopedic surgery. In truth however, the FDA had informed Defendants of flaws in the Hemopure application, citing "safety concerns" arising from adverse clinical data submitted with the company's application. The "safety concerns" made FDA approval of Hemopure highly unlikely. Prior to the disclosure of these facts, Defendants conducted at least two offerings of Biopure common stock and insiders sold hundreds of thousands of Biopure common shares at artificially inflated prices.
On December 24, 2003, under the threat of civil litigation by the Securities and Exchange Commission, Defendants announced that in fact the FDA had halted further clinical trials of Hemopure due to safety concerns. Defendants also disclosed that commercial release of Hemopure in the United States would be delayed beyond mid-2004. The market reaction to these disclosures was swift and dramatic. On December 26, 2003, the share price of Biopure plummeted, falling 16%, to close at $2.43 per share.
If you purchased Biopure securities between March 17, 2003 and December 24, 2003, inclusive, and you wish to serve as lead plaintiff, you must move the Court through Emerson Poynter or other counsel of your choice, not later than March 1, 2004. If you are a member of this class, you can join this class action by contacting Emerson Poynter via e-mail or calling toll-free.
Emerson Poynter has substantial experience representing investors in securities fraud class action lawsuits such as this, and employees or former employees for losses in their retirement plans in cases similar to this one. The firm has offices in Houston, Texas and Little Rock, Arkansas, but represents investors and employees throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call toll free or e-mail the firm. You may contact Scott E. Poynter at the address and phone number below.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.