Sonus Pharmaceuticals Lawsuit Filed on Behalf of Investors Who Purchased Stock Between 1996 and 1998

Strategic Insights -

A lawsuit was filed in the United States District Court for the Western District of Washington on behalf of individuals who purchased Sonus Pharmaceuticals, Inc. common stock between September 24, 1996, and June 8, 1998. The complaint alleges that Sonus and certain of its officers and directors participated in a fraudulent scheme by misrepresenting the company's patents, the status of its application for FDA approval, and the safety and effectiveness of its primary product, EchoGen. The lawsuit claims that these misrepresentations caused Sonus shares to trade at an artificially inflated price during the class period.

Key Takeaways:

  • The lawsuit was filed by the law firms of Stull, Stull & Brody and Cohen, Milstein, Hausfeld & Toll, P.L.L.C. on behalf of their client.
  • The complaint alleges that Sonus and certain of its officers and directors participated in a fraudulent scheme, misrepresenting the company's patents, FDA application status, and product safety and effectiveness.
  • The lawsuit claims that these misrepresentations caused Sonus shares to trade at an artificially inflated price during the class period from September 24, 1996, to June 8, 1998.
  • The law firms have significant experience in prosecuting investor class actions and actions involving financial fraud.
  • The firms have obtained court approval of substantial settlements in numerous cases and have been awarded reasonable attorneys' fees by federal and state courts.
  • Individuals who purchased Sonus common stock between September 24, 1996, and June 8, 1998, may move the Court to serve as lead plaintiff for the class.

Statistics:

  • The class period spans from September 24, 1996, to June 8, 1998, inclusive.
  • The lawsuit alleges that millions of dollars in damages may have been incurred by investors who purchased Sonus shares during the class period.
  • The law firms of Stull, Stull & Brody and Cohen, Milstein, Hausfeld & Toll, P.L.L.C. have experience in litigating stockholder, class, and derivative actions involving securities laws.

Sources:

  • Stull, Stull & Brody
  • Cohen, Milstein, Hausfeld & Toll, P.L.L.C.
  • Business Wire, August 25, 1998.