Star Scientific Responds to Plaintiff's Purported Class Action Lawsuit
GLEN ALLEN, Va., March 26, 2013
GLEN ALLEN, Va., March 26, 2013 /PRNewswire/ -- Paul L. Perito, Esquire,
Chairman, President, and COO of Star Scientific, Inc.(NASDAQ: STSI), issued
the following statement on behalf of Star Scientific and Rock Creek
This morning, Star Scientific was alerted to the filing of a purported class
action lawsuit against the Company in the U.S. District Court for the
Eastern District of Virginia (Richmond Division). The complaint, which
lists one named plaintiff, focuses on the validity of the Company's research
and development related to the active ingredient in the Company's now
marketed dietary supplements and cosmetic products. Star Scientific is
proud of its worthy science-based products, as well as the fact that these
products are used by thousands of satisfied regular customers. We stand
behind our scientific research, and that of other credentialed
third-parties, that has been conducted on our anatabine compound as well as
the reporting on the results of that research. Accordingly, the Company
will vigorously contest each of the allegations in the complaint. We are
confident that the meritless nature of this lawsuit will cause it to be
In a cursory review of the complaint, the Company noted, with interest, that
the purported lead class action plaintiff is an individual who purchased 500
shares of Star Scientific stock on January 23, 2013, and held the stock for
onlyseven days, selling his 500 shares on January 30, 2013. For a range of
compelling reasons, it is difficult to conceive of a more inappropriate
class action plaintiff representative. In addition, the lawsuit seems to
result from a wide, and until now, unsuccessful search by plaintiffs' law
firms seeking to find anyone to bring any kind of action without regard to
Certain statements contained in this release constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995. Such statements include, but are not limited to statements identified
by words such as "believes," "expects," "anticipates," "estimates," "intends,"
"plans," "targets," "projects" and similar expressions. The statements in this
release are based upon the current beliefs and expectations of our company's
management and are subject to significant risks and uncertainties. Actual
results may differ from those set forth in the forward-looking statements.
Numerous factors could cause or contribute to such differences, including, but
not limited to, results of clinical trials and/or other studies, the
challenges inherent in new product development initiatives, including the
continued development and market acceptance of our nutraceutical dietary
supplements products, the effect of any competitive products, our ability to
license and protect our intellectual property, our ability to raise additional
capital in the future that is necessary to maintain our business, changes in
government policy and/or regulation, potential litigation by or against us and
any governmental review of our products or practices, as well as other risks
discussed from time to time in our filings with the Securities and Exchange
Commission, including, without limitation, our annual report on Form 10-K for
the fiscal year ended December 31, 2012. We undertake no duty to update any
forward-looking statement or any information contained in this press release
or in other public disclosures at any time.
About Star Scientific
Star Scientific, Inc. is a technology-oriented company with a mission to
promote maintenance of a healthy metabolism and lifestyle. Through its wholly
owned subsidiary, Rock Creek Pharmaceuticals, Star Scientific has been engaged
in the manufacturing, sale, and marketing of two nutraceutical dietary
supplements, a cosmetic facial cream, and the development of other
nutraceuticals and pharmaceuticals. The company also continues to pursue the
licensing of the technology behind its proprietary StarCured® curing process
and its related products. Rock Creek Pharmaceuticals has scientific and
research offices in Gloucester, MA, and a regulatory office in Washington, DC.
Star Scientific has a Corporate and Sales Office in Glen Allen, VA, and an
Executive, Scientific & Regulatory Affairs office in Washington, DC.
Talhia T. Tuck
Vice President, Communications and Investor Relations
Star Scientific, Inc.
SOURCE Star Scientific, Inc.
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