If you purchased publicly-traded Nuvelo common stock or call options between January 5, 2006 and December 8, 2006, inclusive (the “Settlement Class Period”), and you suffered losses on those purchases and are not otherwise excluded from the Settlement Class, you could get a payment from a class action settlement.
A class action settlement has been reached in a class action lawsuit against Nuvelo, Inc. (“Nuvelo”) and its three principal officers (collectively “Defendants”) in the United States District Court for the Northern District of California (styled In re Nuvelo, Inc. Securities Litigation, Class Action Case No. 07-cv-04056-CRB) alleging, among other things, that Nuvelo and the other defendants violated §§10(b) and 20(a) of the Securities Exchange Act of 1934 by making materially false representations and concealing material facts that purportedly deceived investors about the likelihood of success of the Phase 3 clinical trials necessary for FDA approval of Nuvelo’s development stage drug alfimeprase, a blood clot dissolver, for the treatment of two conditions: (1) Peripheral Arterial Occlusion (“PAO”), also known as “leg attack,” in which blood clots block circulation in the legs; and (2) Catheter Occlusion (“CO”), which is blockage of central venous catheters used to administer drugs and withdraw blood, caused primarily by blood clots, but also due to other causes, according to the Nuvelo securities fraud litigation class action settlement website and settlement notice.
Nuvelo settlement class members reportedly include the following persons, unless otherwise excluded from the settlement:
All persons who purchased publicly-traded Nuvelo common stock or call
options between January 5, 2006 and December 8, 2006, inclusive, and who suffered losses on those purchases.
The Nuvelo securities litigation class action lawsuit settlement reportedly provides that Defendants have agreed to pay $8,916,666.70 in cash (which, together with all interest earned thereon, is referred to as the “Settlement Fund”) which, less costs, fees and expenses including Court-approved attorneys’ fees and expenses, the costs of notifying Settlement Class Members and the costs of claims administration (the “Net Settlement Fund”), will be divided among all eligible Settlement Class Members who send in valid claim forms (“Authorized Claimants”).
The Court is scheduled to hold a class action settlement hearing at 10:00 a.m. on June 10, 2011, at the United States District Court for the Northern District of California, Courtroom 8, 450 Golden Gate Avenue, San Francisco, California, at which time the court will reportedly consider whether the settlement is fair, reasonable and adequate.
For more information on the Nuvelo securities litigation class action lawsuit settlement, including information on how to participate in, object to or opt out of the settlement and the deadlines by which to do so, visit the Nuvelo class action Settlement website:
www.nuvelo.hrsclaims.com
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