Star Scientific, Inc. Issues Statement In Response To Two Plaintiffs' Purported Class Action Law Suits And Multiple Press Releases Issued By Plaintiffs' Law Firms Trolling For New Clients
GLEN ALLEN, Va., April 4, 2013 /PRNewswire/ -- Paul L. Perito, Esquire, Chairman, President and COO of Star Scientific, Inc. (NASDAQ: STSI), issued the following statement on behalf of Star Scientific and Rock Creek Pharmaceuticals, Inc.:
Numerous plaintiffs' class action law firms have been issuing press releases and announcements since January seeking potential plaintiffs to retain them and sue the Company. These press releases and announcements that are appearing on various websites and in other media are not lawsuits. They are attempts by plaintiffs' firms to solicit plaintiffs to form class action lawsuits.
As of today, two shareholder complaints have been filed against Star Scientific. The first complaint, filed in the United States District Court for the Eastern District of Virginia on March 25, 2013, is named Reuter v. Star Scientific, Inc., et al. A second complaint, subsequently filed in the United States District Court for the District of Massachusetts on March 26, 2013, is named Boravian v. Star Scientific, Inc., et al. We believe that both of these complaints are without merit and we will assert numerous defenses to the claims being made. We have hired able and experienced trial counsel who have successfully defended similar class action cases. We will vigorously defend these suits, and we believe that we will ultimately be successful.
Star Scientific will not be deterred by these distractions, as we stated last week. The Company is proud of its worthy science based products, as well as the fact that these products are used by thousands of satisfied, repeat customers. We stand behind our scientific research, and that of other credentialed third parties, which has been conducted on our anatabine compound, as well as the reporting of the results of that research. Accordingly, the Company will continue to focus on sales of its Anatabloc® products, its new Anatabloc® facial creme, and the extension of its product line.
Certain statements contained in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to statements identified by words such as "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," "projects" and similar expressions. The statements in this release are based upon the current beliefs and expectations of our company's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Numerous factors could cause or contribute to such differences, including, but not limited to, results of clinical trials and/or other studies, the challenges inherent in new product development initiatives, including the continued development and market acceptance of our nutraceutical dietary supplements products, the effect of any competitive products, our ability to license and protect our intellectual property, our ability to raise additional capital in the future that is necessary to maintain our business, changes in government policy and/or regulation, potential litigation by or against us and any governmental review of our products or practices, as well as other risks discussed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, our annual report on Form 10-K for the fiscal year ended December 31, 2012. We undertake no duty to update any forward-looking statement or any information contained in this press release or in other public disclosures at any time.
About Star Scientific Star Scientific, Inc. is a technology-oriented company with a mission to promote maintenance of a healthy metabolism and lifestyle. Through its wholly owned subsidiary, Rock Creek Pharmaceuticals, Star Scientific has been engaged in the manufacturing, sale, and marketing of two nutraceutical dietary supplements, a cosmetic facial cream, and the development of other nutraceuticals and pharmaceuticals. The company also continues to pursue the licensing of the technology behind its proprietary StarCured® curing process and its related products. Rock Creek Pharmaceuticals has scientific and research offices in Gloucester, MA, and a regulatory office in Washington, DC. Star Scientific has a Corporate and Sales Office in Glen Allen, VA, and an Executive, Scientific & Regulatory Affairs office in Washington, DC.(Logo: http://photos.prnewswire.com/prnh/20130319/PH79245LOGO ) Contact: Talhia T. Tuck Vice President, Communications and Investor Relations Star Scientific, Inc. (202)887-5100 firstname.lastname@example.org SOURCE Star Scientific, Inc.
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