ALTH Allos Therapeutics, Inc. (MM)

Geller Rudman Announces Class Action Lawsuit Against Allos Therapeutics, Inc. on Behalf of Investors NEW YORK, May 24 /PRNewswire/ -- The Law Firm of Geller Rudman, PLLC announced today that a class action lawsuit has been filed in the United States District Court for the District of Colorado on behalf of purchasers of Allos Therapeutics, Inc. ("Allos" or the "Company") publicly traded securities during the period between April 23, 2003 and May 3, 2004, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be viewed on the firm's website at http://www.geller-rudman.com/view_case.asp?cID=293 . The complaint charges that Allos and Michael Hart violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between April 23, 2003 and May 3, 2004, about its cancer drug RSR13, thereby artificially inflating the price of Allos' common stock. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the study failed to demonstrate benefits of RSR13 plus WBRT over WBRT alone for patients with brain metastases; (2) that the Company conducted only one pivotal efficacy study, where according to the usual requirement of the Agency for approval and marketing a new drug, the sponsor needs to demonstrate the efficacy of the new drug in at least two independent well-controlled clinical trials; (3) that observed apparent survival advantage in a single small subgroup of patients with primary breast cancer based on post-hoc analysis is attributable solely to the treatment effect and not due to imbalances in known and unknown prognostic factors; (4) that, as a result of the foregoing, the statements made by the Company about RSR13 were materially false or misleading. On May 3, 2004, Allos announced that the FDA Oncologic Drugs Advisory Committee ("ODAC") did not recommend approval of the company's investigational radiation sensitizer RSR13 (efaproxiral) as an adjunct to whole brain radiation therapy for the treatment of patients with brain metastases originating from breast cancer. News of this shocked the market. Shares of Allos fell $5.83 per share or 40% on April 30, 2004 to close at $8.60 per share. If you bought Allos publicly traded securities between April 23, 2003 and May 3, 2004, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than July 19, 2004. If you are a member of this class, you can join this class action online at http://www.geller-rudman.com/ . Any member of the purported class may move the Court to serve as lead plaintiff through Geller Rudman or other counsel of their choice, or may choose to do nothing and remain an absent class member. Geller Rudman, PLLC is a national law firm that represents investors and consumers in class action and corporate governance litigation. It is one of the country's premier firms in the area of securities fraud, with in-house finance and forensic accounting specialists and extensive trial experience. Since its founding, Geller Rudman, PLLC has grown to become one of the most respected and successful firms representing investors and consumers in class action litigation. The firm came of age under the client focused realities of the Private Securities Litigation Reform Act of 1995, which provided new opportunities for institutional investors to assume leadership in combating securities fraud. The firm's lawyers have achieved substantial recoveries for aggrieved investors and consumers in class action lawsuits prosecuted in state and federal courts throughout the nation. Geller Rudman, PLLC maintains a widely recognized reputation for excellence, as courts have repeatedly appointed the firm to major positions in intricate multi-district or consolidated litigations. In this regard, Geller Rudman, PLLC has successfully pursued hundreds of class action lawsuits, has taken a lead role in numerous complex litigations on behalf of defrauded investors and consumers and has been responsible for billions in recoveries as well as landmark corporate governance changes. The firm maintains offices in Boca Raton and New York. 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 http://www.geller-rudman.com/ . Contact: GELLER RUDMAN, PLLC Samuel H. Rudman, Esq. or David A. Rosenfeld, Esq. Client Relations Department: 200 Broadhollow, Suite 406 Melville, NY 11747 631-367-7100 Toll Free: 1-877-992-2555 Fax: 1-631-367-1173 E-mail: DATASOURCE: Geller Rudman, PLLC CONTACT: Samuel H. Rudman, Esq. or David A. Rosenfeld, Esq., both of Geller Rudman, PLLC, +1-631-367-7100, or +1-877-992-2555, or fax, +1-631-367-1173, or Web site: http://www.geller-rudman.com/ http://www.geller-rudman.com/view_case.asp?cID=293

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