Feb. 9, 2012
/PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Columbia Laboratories Inc. ("
" or the "Company") (Nasdaq: CBRX).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) the Company's PROCHIEVE product was not delivering desired results; (2) the Food & Drug Administration ("FDA") was unlikely to give approval to
's PROCHIEVE product; and (3) contrary to Company representations,
's future was not "very good" due to the efficacy issues with PROCHIEVE.
's much touted product "PROCHIEVE" is 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,
's stock increased in price significantly.
January 17, 2012
, however, the FDA released documents, including trial data, which evidenced PROCHIEVE's ineffectiveness. As a result,
's stock price plunged by over 50%, to
. Then, on
January 20, 2012
, the FDA Advisory Committee voted 13 to 4 against recommending PROCHIEVE, as the potential risks of the progesterone gel outweighed the benefits. As a result,
's shares declined by an additional
per share to close at
per share on
January 23, 2012
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December 6, 2010
January 20, 2012
and would like to discuss your legal rights, visit
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. Faruqi & Faruqi, LLP also encourages anyone with information regarding
's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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