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March 18, 2005
Pharmos Class Action Suit
Kirby McInerney & Squire, LLP filed a class action suit against Pharmos Corp.
During the Class Period, defendants concealed the fact that Dexanabinol, the company's flagship drug product for Traumatic Brain Injury (TBI) trial was not exhibiting materially favorable reaction. Prior to disclosing this information to the public, Pharmos sold millions worth of stock in private placements. Furthermore, the Company's CEO sold 20% of his holdings and its President sold almost 50% of his holdings. Such sales occurred after the close of Phase III enrollment and after the six month post-enrollment period concluded. On December 20, 2004, just weeks after insiders sold 400,000 shares of stock, Pharmos announced that Dexanabinol was not found to be materially effective in Phase III testing. Furthermore, after years of touting the effectiveness of Dexanabinol, the Company abruptly ceased its effort to gain approval for Dexanabinol for TBI.
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Posted on March 18, 2005 06:46 PM by Class 65.
Filed in Personal Injury Resources under class action law.
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