SECURITIES FRAUD
 

Securities Class Action Suit Filed Against Biopure Corporation

The firm 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 by it 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 recently settled for a $10 million cash payment by Biopure’s insurers. If you have any questions regarding this case or your rights or interests, please contact Sophie Horowitz, Paralegal, Shapiro Haber & Urmy LLP, 53 State Street, Boston, Massachusetts 02109, by calling (800) 287-8119, by sending a facsimile to (617) 439-0134, or by sending email to cases@shulaw.com.