Case Information: Nuvelo, Inc.
Updated On: July 24th, 2011
Nuvelo Settlement Notice
Nuvelo Claim Form
Izard Nobel LLP is Co-Lead Counsel in In re Nuvelo, Inc. Securities Litigation, 07-CV-4056, on behalf of a Class of persons who purchased or otherwise acquired the publicly traded securities of Nuvelo, Inc. ("Nuvelo") (NASDAQ: NUVO) between January 5, 2006 and December 8, 2006, inclusive, (the "Class Period"). On July 23, 2007, the action was transferred from the Southern District of New York to the Northern District of California.
The Complaint alleges that Defendants made misrepresentations concerning the clinical trials for Nuvelo’s drug candidate alfimeprase. On December 11, 2006, Nuvelo disclosed that alfimeprase had completely failed its clinical trials. On this news, Nuvelo's stock fell 80%.
An Amended Complaint which was filed on November 9, 2007, was dismissed by the Court with leave to amend on December 4, 2008. On February 17, 2009, Plaintiffs filed a Second Amended Complaint. On March 24, 2009 Defendants filed a motion to dismiss the Complaint. The Court held a hearing on the Motion on July 15, 2009. On August 17, 2009, the Court issued an Order denying in substantial part the Defendants' Motion to Dismiss. The Plaintiffs filed a motion for class certification on December 15, 2010. The parties have reached a mediated settlement in the amount of $8.9 million.
Plaintiffs filed a motion for final approval of the settlement on May 6, 2011. A final approval hearing was held on June 16, 2011. On June 20, 2011, the Court granted final approval of the settlement in accordance with the stipulation of settlement.
In order to participate in the distribution of the settlement, Class Members were required to have submitted a Proof of Claim Form to the Claims Administrator's Office, post-marked no later than July 22, 2011.