In re Maxim Pharmaceuticals, Inc. Securities Litigation

Settled: September 22, 2006

We obtained favorable results in this case involving allegations of misleading misstatements about the company's then key drug in development.

In In re Maxim Pharmaceuticals, Inc. Securities Litigation, Case No. 04 CV 1900 DMS (BLM)(S.D. Cal.), Labaton Sucharow, as co-lead counsel with Schiffrin & Barroway, LLP, represented lead plaintiffs William and Lori Milowitz and James Brent Allen in this class action case against Maxim that alleged securities fraud claims. The lawsuit sought to recover damages caused by false and misleading misstatements about Maxim's key drug in development, Ceplene, between November 2002 and September 2004. Both parties have agreed to a settlement of $1.3 million in cash and $1.3 million in stock paid by the defendants. The settlement was approved by the Court on October  23, 2006.