Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Western District of North Carolina, Charlotte Division on behalf of all persons or entities that purchased the securities of Chelsea Therapeutics International, Ltd. (“Chelsea” or the “Company”) (NasdaqCM: CHTP) between June 9, 2011 and February 17, 2012, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers and directors (the “Complaint”).
If you purchased shares of Chelsea during the Class Period, or purchased shares prior to the Class Period and still hold Chelsea stock, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Scott J. Farrell, Esquire of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to firstname.lastname@example.org, or at: http://www.rigrodskylong.com/investigations/chelsea-therapeutics-international-ltd-chtp.
Chelsea, a Delaware corporation headquartered in Charlotte, North Carolina, is a biopharmaceutical company whose lead investigational drug was Northera (trade name Droxidopa) (“Droxidopa”). Droxidopa was in development for treatment of neurogenic orthostatic hypotension (“NOH”) in people with primary autonomic failure, including Parkinson’s disease. Droxidopa has been approved for use in Japan since 1989, but is marketed at lower doses. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the safety and efficacy of Droxidopa, which was then in Phase III testing. Specifically, the Complaint alleges that despite defendants’ positive statements, they failed to disclose that the safety data base was small in light of red flags concerning the safety of Droxidopa that arose during the open-label phases of the trial, including 18 deaths from sepsis, heart attack, pneumonia, respiratory failure, myocardial infarctions, progression of the underlying disease and hyperextensive crisis. In addition, the Complaint alleges there were nine cases of life-threatening neuroleptic malignant syndrome over a ten-year period in Japan; and there were no durable effects from the drug that lasted more than four weeks, which did not warrant approval by the U.S. Food and Drug Administration (the “FDA”) in light of the safety issues with the drug.