Securities Fraud Lawyer - Biopure Securities Litigation

Shapiro Haber & Urmy LLP served as court-appointed co-lead counsel representing a class of stock owners in consolidated litigation filed against Biopure Corporation and certain officers and directors of the Company in the United States District Court for the District of Massachusetts.  The class included individuals and entities that purchased the common stock of Biopure from April 9, 2003 through December 24, 2003. 

The lawsuit alleged that the Defendants were responsible for misleading and fraudulent shareholder and investor reports and "were aware of their materially false and misleading nature."  Specifically, the complaint alleged that Biopure violated the federal securities laws with its misleading statements and material omissions concerning the status of the biologics license application (BLA) it had filed with the federal Food and Drug Administration (FDA) concerning its blood substitute product, Hemopure. The lawsuit alleged that the Defendants withheld from the investing public that the FDA had expressed safety concerns about, and instituted a clinical hold regarding future trials of, Hemopure.  The complaint alleged that Defendants’ conduct resulted in an artificial inflation of the Company's stock price.

This case was settled for a $10 million cash payment by Biopure’s insurers.