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BioSante Pharmaceuticals BPAX Securities Stock Fraud


Company: BioSante Pharmaceuticals
Ticker Symbol: BPAX
Class Period: Feb-12-10 to Dec-15-11
Date Filed: Feb-3-12
Lead Plaintiff Deadline: Apr-3-12
Court: Northern District of Illinois
Allegations:
San Diego, CA: A securities class action lawsuit has been filed in the U.S. District Court for the Northern District of Illinois, Eastern Division, on behalf of all persons or entities who purchased or otherwise acquired the securities of BioSante Pharmaceuticals, Inc. ("BioSante" or the "Company") between February 12, 2010 and December 15, 2011 (the "Class Period"). The action is against the Company and the Company's Chief Executive Officer for violations of the Securities and Exchange Act of 1934.

BioSante Pharmaceuticals is a specialty pharmaceutical Company focused on developing products for female sexual health and oncology. Over the last decade, BioSante has been in the process of developing LibiGel, a drug designed to improve the sex drive of women suffering from female sexual dysfunction, specifically hypoactive desire disorder.

The complaint alleges that beginning on February 12, 2010, the Company, along with its Chief Executive Officer, issued a series of materially false and misleading statements to investors about LibiGel's commercial viability, effectiveness, and market potential that caused shares of BioSante to trade at artificially high prices. Specifically, it is alleged that officials at BioSante boasted that clinical data demonstrated that LibiGel had a "statistically significant" effect on female patients treated with the product, and that LibiGel was "the most clinically advanced pharmaceutical product in the U.S." Additionally, it is alleged that BioSante and its Chief Executive Officer misled investors by routinely analogizing LibiGel's market potential to the $2 billion dollar market for male erectile drugs, often comparing LibiGel to products like "Viagra, Levitra, and Cialis."

On December 14, 2011, BioSante issued a press release disclosing for the first time that LibiGel failed to yield positive results in large-scale efficacy tests designed by the Company. According to study results, women treated with LibiGel did not experience statistically significant increases in either total satisfying sexual encounters or sexual desire. On this news, shares of BioSante declined by over 75% of their value. After trading as high as $2.52 on December 13, 2011, shares of BioSante closed on December 19, 2011, at just $0.38 per share.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

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Published on Feb-6-12

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