NEW YORK, May 21, 2012 /PRNewswire/ -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Western District of North Carolina on behalf of investors who purchased Chelsea Therapeutics International Ltd. (" Chelsea" or the "Company") (Nasdaq: CHTP) stock between November 3, 2008 and March 28, 2012.
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The complaint alleges that Chelsea made a series of materially false and misleading statements regarding the safety and efficacy of the drug Northera and the likelihood of its approval by the U.S. Food and Drug Administration ("FDA"). On February 13, 2012, Chelsea disclosed that the FDA had raised questions regarding the size and duration of its clinical trials for Northera. Furthermore, the FDA indicated that three deaths were potentially related to the drug. As a result of the aforementioned, shares of Chelsea stock declined more than 37 percent. Then on March 28, 2012, the Company announced that their New Drug Application for Northera was rejected by the FDA. Upon this news, Chelsea shares fell more than 28 percent, to close at $2.62 per share on March 29, 2012.If you suffered a loss in Chelsea you have until June 4, 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 email@example.com or by telephone at (877) 363-5972, or visit http://zlk.9nl.com/CHTP. Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes. CONTACT:Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq.30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500Toll Free: (877) 363-5972Fax: (212) 363-7171 www.zlk.com SOURCE Levi & Korsinsky