HARTFORD, Conn., Nov. 9, 2007 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of the American Depository Receipts ("ADR") of Flamel Technologies, SA ("Flamel" or the "Company") (NYSE:FLML) between March 23, 2007 and August 22, 2007, inclusive (the "Class Period").
The Complaint charges that Flamel, a biopharmaceutical company that develops polymer-based delivery technologies for medical applications, and certain of its officers and directors violated federal securities laws. Specifically, throughout the Class Period, defendants made a series of false and misleading statements regarding the prospects for COREG CR, Flamel's lead drug for use in the treatment of moderate to severe congestive heart failure. The complaint alleges that defendants were in possession of undisclosed clinical trial data showing that Coreg CR was no more effective than Coreg IR, the twice-daily version of the drug.
On August 23, 2007, in an article entitled "Flamel Technologies Shares Dive on Disappointing Coreg Study Results," the Associated Press reported that a study of its once-daily heart disease drug failed to show any benefit over the twice-daily version. On this news, Flamel's ADR price dropped from $12.68 to $9.56 per share. This decrease in Flamel's ADR price was a result of the artificial inflation caused by defendants' misleading statements coming out of the ADR price.
If you are a member of the class, you may, no later than January 8, 2008, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz Nobel Izard P.C. has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz Nobel Izard P.C. toll-free at (800) 797-5499, or by e-mail at firm@snilaw.com, or visit our website: www.snilaw.com.