| Company: | Encysive Pharmaceuticals Inc. |
| Ticker Symbol: | NASD: ENCY |
| Class Period: | February 19, 2004 to March 24, 2006 |
| Date Filed: | Sep-26-06 |
| Lead Plaintiff Deadline: | Nov-24-06 |
| Court: | Southern District, TX |
| Allegations: |
A class action has been commenced on behalf of an institutional investor in the United States District Court for the Southern District of Texas on behalf of purchasers of Encysive Pharmaceuticals Inc. ("Encysive") (NASDAQ:ENCY) publicly traded securities during the period between February 19, 2004 and March 24, 2006 (the "Class Period").
The complaint charges Encysive and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Encysive is a biopharmaceutical company focused on the discovery, development and commercialization of different synthetic small molecule compounds for the treatment of a range of cardiovascular, vascular and related inflammatory diseases.
The complaint alleges that throughout the Class Period Encysive made false and misleading statements regarding the success of Sitaxentan, or Thelin, a drug it was developing to treat Pulmonary Arterial Hypertension ("PAH"), and stated that it had completed Phase III development of Thelin. During the Class Period, defendants led shareholders and analysts to believe that FDA approval was imminent and that such approval would make Thelin a competitor to Acetelion Ltd.'s similar drug, Tracleer (Bosentan). However, after the Company completed two successful public offerings and the individual defendants received cash/stock awards based on the apparent success of Thelin, the Company's shareholders learned that defendants had been less than forthcoming with the true prospects for Thelin. On March 27, 2006, U.S. regulators delayed approving Thelin until they could get more data. The FDA sent the Company a letter asking for information and possibly more studies to determine if Thelin was safe and effective for use in treating PAH. On this news, Encysive shares fell 49%.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The complaint charges Encysive and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Encysive is a biopharmaceutical company focused on the discovery, development and commercialization of different synthetic small molecule compounds for the treatment of a range of cardiovascular, vascular and related inflammatory diseases.
The complaint alleges that throughout the Class Period Encysive made false and misleading statements regarding the success of Sitaxentan, or Thelin, a drug it was developing to treat Pulmonary Arterial Hypertension ("PAH"), and stated that it had completed Phase III development of Thelin. During the Class Period, defendants led shareholders and analysts to believe that FDA approval was imminent and that such approval would make Thelin a competitor to Acetelion Ltd.'s similar drug, Tracleer (Bosentan). However, after the Company completed two successful public offerings and the individual defendants received cash/stock awards based on the apparent success of Thelin, the Company's shareholders learned that defendants had been less than forthcoming with the true prospects for Thelin. On March 27, 2006, U.S. regulators delayed approving Thelin until they could get more data. The FDA sent the Company a letter asking for information and possibly more studies to determine if Thelin was safe and effective for use in treating PAH. On this news, Encysive shares fell 49%.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
