Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until April 6, 2012 to file lead plaintiff applications in a securities class action lawsuit against BioSante Pharmaceuticals, Inc. ("BioSante" or the "Company") (NASDAQ: BPAX), if they purchased the Company’s securities during the period between February 12, 2010 and December 15, 2011 (the "Class Period"). The lawsuit was filed in the United States District Court for the Northern District of Illinois, Eastern Division. What You May Do If you purchased securities of BioSante and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, e-mail or call KSF Managing Partner, Lewis Kahn ( firstname.lastname@example.org), toll free, 877-515-1850, or via cell phone any time at 504-301-7900, or KSF Director of Client Relations, Neil Rothstein, Esq. ( email@example.com), toll free at 877-694-9510, or via cell phone any time at 330-860-4092. If you wish to serve as a lead plaintiff in this class action by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by April 6, 2012. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. About the Lawsuit BioSante and its Chief Executive Officer are charged with issuing a series of materially false and misleading statements, during the Class Period, in violation of Section 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder. The complaint charges that the Company and its CEO, issued a series of materially false and misleading statements related to: (a) LibiGel's commercial viability, effectiveness, and market potential; (b) LibiGel’s clinical demonstrations; and (c) LibiGel's purported multi-billion dollar market potential, similar to drugs like "Viagra, Levitra, and Cialis."
It was only on December 14, 2011, however, that investors learned the truth about the Company, after it issued a release disclosing that LibiGel failed in large-scale efficacy tests. Following this belated disclosure, shares of BioSante declined by over 75% - falling from a high of $2.52, on December 13, 2011, to close at only $0.38 per share on December 19, 2011.About Kahn Swick & Foti, LLC KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities class action and shareholder derivative litigation with offices in New York and Louisiana. KSF's lawyers have significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders. To learn more about KSF, you may visit www.ksfcounsel.com.