Cauley Geller Bowman & Coates, LLP Announces Class Action Lawsuit Against Cell Pathways, Inc. Seeking Damages on Behalf of Shareholders

Apr 13, 2001, 01:00 ET from Cauley Geller Bowman & Coates, LLP

    LITTLE ROCK, Ark., April 13 /PRNewswire/ -- The Law Firm of Cauley Geller
 Bowman & Coates, LLP announced today that it has filed a class action in the
 United States District Court for the Eastern District of Pennsylvania on
 behalf of all individuals and institutional investors that purchased the
 common stock of Cell Pathways, Inc. (Nasdaq: CLPA) ("Cell Pathways" or the
 "Company") between October 27, 1999 and September 22, 2000, inclusive (the
 "Class Period").
     The complaint charges that the Company and certain of its officers and
 directors violated the federal securities laws by providing materially false
 and misleading information about the Company's principal drug, Aptosyn, which
 was tested in clinical trials as a treatment for familial adenomatous
 polyposis ("FAP").  As a result of these false and misleading statements the
 Company's stock traded at artificially inflated prices during the class
 period.  Specifically, the complaint alleges that defendants misrepresented
 evidence of the safety and efficacy of Aptosyn as a treatment for FAP.
 Furthermore, defendants stated that Aptosyn was a chemopreventive and an
 alternative to surgery for FAP patients, causing regression of polyps in FAP
 patients.  Defendants further stated that it had shown effects across the
 patients' entire colorectum, where there was no evidence from the Company's
 controlled clinical trials to support these claims.  Additionally, defendants
 represented that competing drugs caused organ toxicities, while Aptosyn did
 not.  On September 22, 2000, Cell Pathways announced that the U.S. Food & Drug
 Administration refused to approve Aptosyn as a treatment for FAP, which occurs
 when the clinical trial evidence of the efficacy and safety of a drug is
 inadequate.  Subsequently, the price of Cell Pathways' common stock fell
 almost 70%.
     If you bought the common stock of Cell Pathways between October 27, 1999
 and September 22, 2000, inclusive, you may, no later than May 15, 2001 request
 that the Court appoint you as lead plaintiff.  A lead plaintiff is a
 representative party that acts on behalf of other class members in directing
 the litigation.  In order to be appointed lead plaintiff, the Court must
 determine that the class member's claim is typical of the claims of other
 class members, and that the class member will adequately represent the class.
 Under certain circumstances, one or more class members may together serve as
 "lead plaintiff."  Your ability to share in any recovery is not, however,
 affected by the decision whether or not to serve as a lead plaintiff.  You may
 retain Cauley Geller Bowman & Coates, LLP, or other counsel of your choice, to
 serve as your counsel in this action.
     Cauley Geller Bowman & Coates, LLP has substantial experience representing
 investors in securities fraud class action lawsuits such as this.  The firm
 has offices in Florida, Arkansas and California, but represents shareholders
 from throughout the nation.  If you have any questions about how you may be
 able to recover for your losses, or if you would like to consider serving as
 one of the lead plaintiffs in this lawsuit, you are encouraged to call or
 e-mail the Firm or visit the Firm's website at www.classlawyer.com.
 
      CAULEY GELLER BOWMAN & COATES, LLP
      Client Relations Department:
      Sue Null, Charlie Gastineau or Jackie Addison
      P.O. Box 25438
      Little Rock, AR 72221-5438
      Toll Free: 1-888-551-9944
      E-mail: info@classlawyer.com
 
 

SOURCE Cauley Geller Bowman & Coates, LLP
    LITTLE ROCK, Ark., April 13 /PRNewswire/ -- The Law Firm of Cauley Geller
 Bowman & Coates, LLP announced today that it has filed a class action in the
 United States District Court for the Eastern District of Pennsylvania on
 behalf of all individuals and institutional investors that purchased the
 common stock of Cell Pathways, Inc. (Nasdaq: CLPA) ("Cell Pathways" or the
 "Company") between October 27, 1999 and September 22, 2000, inclusive (the
 "Class Period").
     The complaint charges that the Company and certain of its officers and
 directors violated the federal securities laws by providing materially false
 and misleading information about the Company's principal drug, Aptosyn, which
 was tested in clinical trials as a treatment for familial adenomatous
 polyposis ("FAP").  As a result of these false and misleading statements the
 Company's stock traded at artificially inflated prices during the class
 period.  Specifically, the complaint alleges that defendants misrepresented
 evidence of the safety and efficacy of Aptosyn as a treatment for FAP.
 Furthermore, defendants stated that Aptosyn was a chemopreventive and an
 alternative to surgery for FAP patients, causing regression of polyps in FAP
 patients.  Defendants further stated that it had shown effects across the
 patients' entire colorectum, where there was no evidence from the Company's
 controlled clinical trials to support these claims.  Additionally, defendants
 represented that competing drugs caused organ toxicities, while Aptosyn did
 not.  On September 22, 2000, Cell Pathways announced that the U.S. Food & Drug
 Administration refused to approve Aptosyn as a treatment for FAP, which occurs
 when the clinical trial evidence of the efficacy and safety of a drug is
 inadequate.  Subsequently, the price of Cell Pathways' common stock fell
 almost 70%.
     If you bought the common stock of Cell Pathways between October 27, 1999
 and September 22, 2000, inclusive, you may, no later than May 15, 2001 request
 that the Court appoint you as lead plaintiff.  A lead plaintiff is a
 representative party that acts on behalf of other class members in directing
 the litigation.  In order to be appointed lead plaintiff, the Court must
 determine that the class member's claim is typical of the claims of other
 class members, and that the class member will adequately represent the class.
 Under certain circumstances, one or more class members may together serve as
 "lead plaintiff."  Your ability to share in any recovery is not, however,
 affected by the decision whether or not to serve as a lead plaintiff.  You may
 retain Cauley Geller Bowman & Coates, LLP, or other counsel of your choice, to
 serve as your counsel in this action.
     Cauley Geller Bowman & Coates, LLP has substantial experience representing
 investors in securities fraud class action lawsuits such as this.  The firm
 has offices in Florida, Arkansas and California, but represents shareholders
 from throughout the nation.  If you have any questions about how you may be
 able to recover for your losses, or if you would like to consider serving as
 one of the lead plaintiffs in this lawsuit, you are encouraged to call or
 e-mail the Firm or visit the Firm's website at www.classlawyer.com.
 
      CAULEY GELLER BOWMAN & COATES, LLP
      Client Relations Department:
      Sue Null, Charlie Gastineau or Jackie Addison
      P.O. Box 25438
      Little Rock, AR 72221-5438
      Toll Free: 1-888-551-9944
      E-mail: info@classlawyer.com
 
 SOURCE  Cauley Geller Bowman & Coates, LLP