Star Scientific Responds to Plaintiff's Purported Class Action Lawsuit
GLEN ALLEN, Va., March 26, 2013 /PRNewswire/ -- Paul L. Perito, Esquire, Chairman, President, and COO of Star Scientific, Inc. (NASDAQ: STSI), issued the following statement on behalf of Star Scientific and Rock Creek Pharmaceuticals, Inc.:
This morning, Star Scientific was alerted to the filing of a purported class action lawsuit against the Company in the U.S. District Court for the Eastern District of Virginia (Richmond Division). The complaint, which lists one named plaintiff, focuses on the validity of the Company's research and development related to the active ingredient in the Company's now marketed dietary supplements and cosmetic products. Star Scientific is proud of its worthy science-based products, as well as the fact that these products are used by thousands of satisfied regular customers. We stand behind our scientific research, and that of other credentialed third-parties, that has been conducted on our anatabine compound as well as the reporting on the results of that research. Accordingly, the Company will vigorously contest each of the allegations in the complaint. We are confident that the meritless nature of this lawsuit will cause it to be ultimately dismissed.
In a cursory review of the complaint, the Company noted, with interest, that the purported lead class action plaintiff is an individual who purchased 500 shares of Star Scientific stock on January 23, 2013, and held the stock for only seven days, selling his 500 shares on January 30, 2013. For a range of compelling reasons, it is difficult to conceive of a more inappropriate class action plaintiff representative. In addition, the lawsuit seems to result from a wide, and until now, unsuccessful search by plaintiffs' law firms seeking to find anyone to bring any kind of action without regard to its merits.
Certain statements contained in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to statements identified by words such as "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," "projects" and similar expressions. The statements in this release are based upon the current beliefs and expectations of our company's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Numerous factors could cause or contribute to such differences, including, but not limited to, results of clinical trials and/or other studies, the challenges inherent in new product development initiatives, including the continued development and market acceptance of our nutraceutical dietary supplements products, the effect of any competitive products, our ability to license and protect our intellectual property, our ability to raise additional capital in the future that is necessary to maintain our business, changes in government policy and/or regulation, potential litigation by or against us and any governmental review of our products or practices, as well as other risks discussed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, our annual report on Form 10-K for the fiscal year ended December 31, 2012. We undertake no duty to update any forward-looking statement or any information contained in this press release or in other public disclosures at any time.
About Star Scientific
Star Scientific, Inc. is a technology-oriented company with a mission to promote maintenance of a healthy metabolism and lifestyle. Through its wholly owned subsidiary, Rock Creek Pharmaceuticals, Star Scientific has been engaged in the manufacturing, sale, and marketing of two nutraceutical dietary supplements, a cosmetic facial cream, and the development of other nutraceuticals and pharmaceuticals. The company also continues to pursue the licensing of the technology behind its proprietary StarCured® curing process and its related products. Rock Creek Pharmaceuticals has scientific and research offices in Gloucester, MA, and a regulatory office in Washington, DC. Star Scientific has a Corporate and Sales Office in Glen Allen, VA, and an Executive, Scientific & Regulatory Affairs office in Washington, DC.
Talhia T. Tuck
Vice President, Communications and Investor Relations
Star Scientific, Inc.
SOURCE Star Scientific, Inc.