BigClassActions.com

Pozen



Chapel Hill, NC: (Jul-10-07) A class action shareholder lawsuit was brought against Pozen, a Chapel Hill pharmaceutical company in US District Court in June 2004. The suit alleged that Pozen made false and misleading statements about migraine drug candidates MT 100 and MT 300. The US Food and Drug Administration rejected MT 300, an injectable treatment, in October 2003 and MT 100, an oral migraine treatment, in June 2004. Both events led to declines in Pozen's stock price. Pozen has since asked for FDA approval for Trexima, its latest migraine treatment. If approval is granted in August 2007, analysts say, the drug could top $1 billion in sales. In a settlement reached, Pozen agreed to a payout, which though undisclosed, is said to be paid with funds from its directors' and officers' liability insurance. [TRIANGLE BUSINESS JOURNAL: POZEN SECURITIES]


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