Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Catalyst Pharmaceutical Partners, Inc.

Rigrodsky & Long, P.A.:
  • Do you, or did you, own shares of Catalyst Pharmaceutical Partners, Inc. (NASDAQ CM: CPRX)?
  • Did you purchase your shares before October 31, 2012, or between October 31, 2012 and October 18, 2013, inclusive?
  • Did you lose money in your investment in Catalyst Pharmaceutical Partners, Inc.?
  • Do you want to discuss your rights?

Rigrodsky & Long, P.A., including former Special Assistant United States Attorney, Timothy J. MacFall, announces that a complaint has been filed in the United States District Court for the Southern District of Florida on behalf of all persons or entities that purchased the common stock of Catalyst Pharmaceutical Partners, Inc. (“Catalyst” or the “Company”) (NASDAQ CM: CPRX) between October 31, 2012 and October 18, 2013, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).

If you purchased shares of Catalyst during the Class Period, or purchased shares prior to the Class Period and still hold Catalyst, 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 Peter Allocco of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to info@rl-legal.com, or at: http://www.rigrodskylong.com/investigations/catalyst-pharmaceutical-partners-inc-cprx.

Catalyst is a development-stage specialty pharmaceutical company focused on the development and commercialization of novel prescription drugs targeting (rare) orphan neuromuscular and neurological diseases and disorders. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that one of Catalyst’s competitors – a private pharmaceutical company called Jacobus Pharmaceuticals (“Jacobus”) – had been manufacturing a drug biologically equivalent to one of Catalyst’s developmental products, Firdapse, and had been providing it to patients free of charge for decades. As a result of defendants’ false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.

According to the Complaint, on October 18, 2013, before the opening of trading, an article entitled “Catalyst Pharma: Orphan Drug Poseur, Profiteer” was released detailing how Firdapse was the same exact drug as 3,4 – Dap, a drug which has been given away for years by Jacobus free of charge, through a compassionate use program. On this news, shares in Catalyst dropped more than 27%, closing at $1.90 per share on October 18, 2013, on heavy trading volume of over 9.9 million shares.

If you wish to serve as lead plaintiff, you must move the Court no later than December 24, 2013. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed 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.

While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

Attorney advertising. Prior results do not guarantee a similar outcome.

Copyright Business Wire 2010

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