Notice is hereby given that Finkelstein Thompson LLP has filed a Class Action lawsuit in the United States District Court for the Northern District of California on behalf of a class (the "Class") consisting of all persons or entities who purchased or otherwise acquired the common stock of Telik, Inc. ("Telik" or the "Company") between March 27, 2003 and June 4, 2007, inclusive (the "Class Period"), including purchasers in the Company's November 5, 2003 and January 28, 2005 stock offerings.
A copy of the Complaint is available from the court or from Finkelstein Thompson LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (202) 337-8000 or Toll Free at (877) 337-1050, by email at info@finkelsteinthompson.com, or visit our website at http://www.finkelsteinthompson.com.
The Complaint charges Telik and certain of the Company's executive officers with violations of sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Plaintiff alleges that Defendants' material omissions and dissemination of materially false and misleading statements concerning the Company's business and prospects caused Telik's stock price to become artificially inflated, causing damage to investors. Telik is a biopharmaceutical company that engages in the discovery and development of small molecule therapeutics for the treatment of cancer and inflammatory diseases. The Company's lead product candidate is TELCYTA, a small molecule cancer drug product candidate designed to be activated in cancer cells. The Complaint alleges that during the Class Period defendants misled investors about the effectiveness and safety of TELCYTA and the conduct of certain clinical trials for TELCYTA.
Specifically the Complaint alleges that when the Company issued preliminary results from its Phase III clinical trials of TELCYTA, defendants materially misled the investing public by concealing that patients in those trials were dying much sooner than patients receiving the standard chemotherapy treatment.
On June 3, 2007 the Company announced additional details concerning the negative results of the Phase III clinical trials of TELCYTA. This news caused the Company's stock to open on Monday, June 4, 2007 more than 15% lower than the previous trading day's closing price. By the end of trading that day, the stock had dropped even further. The Company further announced on June 4 that the FDA had initiated a clinical hold on the New Drug Application for TELCYTA, causing Telik stock to fall more than 25% on June 5, 2007.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Finkelstein Thompson LLP. Finkelstein Thompson LLP has spent almost three decades delivering outstanding representation to institutional and individual clients in connection with securities and other finance-related litigation, and has been appointed as lead or co-lead counsel in dozens of shareholder class actions. Indeed, in the past decade, the firm has served in leadership roles in cases that have recovered over $1 billion for investors and consumers.
If you are a member of the class, you may, no later than August 6, 2007, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member appointed by the Court to direct the litigation on behalf of the class. Although a class member need not be appointed as a lead plaintiff to receive a proportionate share of any proceeds of the litigation, lead plaintiffs make important decisions that could affect the prosecution of the class claims, including decisions concerning settlement. The securities laws create a rebuttable presumption that the plaintiff with the largest financial interest in the litigation is the most adequate to serve as a lead plaintiff.
If you are a Telik shareholder and wish to discuss the case or have information relevant to the investigation, please contact our Washington, DC office toll-free at (877) 337-1050, or by email at contact@ftllaw.com.
