SHAREHOLDER ALERT: Pomerantz Law Firm Has Filed a Class Action Against ISIS
Pharmaceuticals, Inc., and Certain Officers -- ISIS
NEW YORK, Dec. 28, 2012 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford
Dahlstrom & Gross LLP has filed a class action lawsuit against ISIS
Pharmaceuticals, Inc. ("Isis" or the "Company") (Nasdaq:ISIS) and certain of
its officers. The class action filed, in United States District Court,
Southern District of California, and docketed under 3:12-cv-03071-CAB-KSC, is
on behalf of a class consisting of all persons or entities who purchased or
otherwise acquired securities of Isis between March 29, 2012 and October 15,
2012, both dates inclusive (the "Class Period"). This class action seeks to
recover damages against the Company and certain of its officers and directors
as a result of alleged violations of the federal securities laws pursuant to
Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5
If you are a shareholder who purchased Isis securities during the Class
Period, you have until February 26, 2013 to ask the Court to appoint you as
Lead Plaintiff for the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at
firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, x237.
Those who inquire by e-mail are encouraged to include their mailing address
and telephone number.
Isis is the leading company in antisense drug discovery and development. The
Company's strategy is to discover unique antisense drugs and develop these
drugs to key clinical value inflection points.
The Complaint alleges that throughout the Class Period, the Company
conditioned investors to believe that Kynamro (mipomersen sodium), one of the
drugs in its pipeline, would receive approval from the U.S. Food and Drug
Administration ("FDA") through a host of materially false and misleading
statements regarding the safety and efficacy of the drug, as well as
reportedly positive results from Kynamro's phase three clinical trial.As a
result of the foregoing, the Company's statements were materially false and
misleading at all relevant times.
On October 16, 2012, two days prior to a meeting of the FDA's Endocrinologic
and Metabolic Drugs Advisory Committee to decide on whether to recommend
Kynamro for FDA approval, the FDA published a clinical briefing document
questioning the safety and efficacy of Kynamro.Specifically, the report noted
that abnormal growths or neoplasms developed in 3.1% of patients treated with
Kynamro, as compared to only 0.9% of patients who took a placebo.The FDA
report concluded that this "imbalance in neoplasms will need to be assessed
further in on-going and future studies and post-marketing (if approved)."In
addition, the report found that three patients treated with Kynamro died
during clinical testing.Two died of heart attacks and the other patient died
of acute liver failure, and the report concluded that "the potential for a
contributing effect of mipomersen cannot be ruled out."
As a result of this disclosure, Isis shares declined $2.88 per share or nearly
22%, to close at $10.27 per share on October 16, 2012.
The Pomerantz Firm, with offices in New York, Chicago, and San Diego, is
acknowledged as one of the premier firms in the areas of corporate,
securities, and antitrust class litigation. Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the Pomerantz Firm
pioneered the field of securities class actions. Today, more than 70 years
later, the Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of fiduciary duty,
and corporate misconduct. The Firm has recovered numerous multimillion-dollar
damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
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