Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the District of New Jersey on behalf of investors who purchased Columbia Laboratories, Inc. (“Columbia Labs” or the “Company”) (Nasdaq: CBRX) stock between December 6, 2010 and January 20, 2012 (the “Class Period”).
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The Complaint alleges that Columbia Labs and certain of its officers and directors issued materially false and/or misleading statements regarding the safety and efficacy of its product PROCHIEVE, a gel intended to prevent preterm births. On December 14, 2011, the Company issued a press release highlighting the purported results of clinical trials that showed that PROCHIEVE “significantly reduces the risk of preterm birth and neonatal morbidity.” Following this announcement Columbia’s stock increased in price significantly.
On January 17, 2012, however, the Food & Drug Administration released documents including trial data that indicates PROCHIEVE is not effective. As a result, Columbia’s stock price tumbled over 50%, to $1.10, well below where it traded before the December 14, 2011 announcement. Three days later, however, the Advisory Committee voted 13 to 4 not to recommend approval of PROCHIEVE 8%, as the risks of the progesterone gel outweighed the benefits. As a result, Columbia's shares declined an additional $0.874 per share to close at $0.706 per share on January 23, 2012.
If you suffered a loss in Columbia Labs you have until April 2, 2012
to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at
or by telephone at (877) 363-5972, or visit
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. Attorney advertising. Prior results do not guarantee similar outcomes.