VaxGen Announces Dismissal of Securities Class Action and Scheduling of Settlement Hearing for Derivative Lawsuit
VaxGen Announces Dismissal of Securities Class Action and Scheduling of Settlement Hearing for Derivative Lawsuit: "BRISBANE, Calif., April 11 /PRNewswire-FirstCall/ -- VaxGen, Inc. (Pink Sheets: VXGN.PK) announced today that the United States District Court for the Northern District of California has entered an Order dismissing the Amended Complaint in In re VaxGen, Inc. Securities Litigation, No. C 03-01129 JSW (the 'Class Action') without prejudice to plaintiffs' filing a further amended Complaint. Separately, the Company also announced that the California Superior Court for San Mateo County has scheduled a hearing for April 29, 2005 to consider a proposed settlement in a related shareholders' derivative lawsuit, captioned In re VaxGen, Inc. Derivative Litigation, No. CIV 430087 (the 'Derivative Lawsuit'). Both lawsuits relate to certain public disclosures concerning an experimental AIDS vaccine that the Company is no longer developing." (full story at link)
posted by Monkeyman @ 2:31 PM
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