POZEN, Inc.On December 20, 2004, a consolidated class action complaint was filed in the United States District Court for the Central District of North Carolina against the pharmaceutical manufacturer POZEN, Inc. and its Chief Executive Officer Dr. John Plachetka for violations of U.S. securities laws. Cohen Milstein was appointed lead counsel on behalf of a class of all persons that purchased POZEN securities. The complaint alleges that the Defendants artificially inflated the price of POZEN stock by concealing and denying the fact that POZEN’s potential product line of drugs designed for the treatment of migraine was not approvable by the Food and Drug Administration. On August 30, 2005, U.S. District Judge Frank Bullock denied Defendants’ motion to dismiss the complaint, and on February 28, 2007, U.S. District Judge William Osteen certified this action as a class action. The Parties reached a proposed settlement on June 15, 2007 of all claims against Defendants for $11.205 million. On December 17, 2007, the Court granted final approval of this settlement. |
