In re Sepracor Corp. Securities Litigation, No. 02-12238-MEL (D. Mass.)
KSG is one of the counsel in this securities fraud class action on behalf of all persons who purchased common stock and call options, or sold put options of Sepracor, Inc., between May 17, 1999, and March 6, 2002, inclusive. The defendants are Sepracor, Timothy J. Barberich (Sepracor’s CEO and Chairman of the Board), David Southwell (Sepracor’s CFO) and Paul Rubin, M.D. (Sepracor’s Executive V.P.). The Complaint alleges that Sepracor made misleading statements about the clinical trial safety record of an antihistamine product named Soltara and its prospects for approval by the Federal Drug Administration (“FDA”). When Soltara’s cardiac side effects and the FDA’s resulting non-approval of Soltara were eventually revealed, the price of Sepracor stock fell approximately 60% from a closing price of $47.26 per share on March 6, 2002, to a closing price of $19.64 per share on March 7, 2002.
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Originally Posted: 03/09/2006