ALTH Allos Therapeutics, Inc. (MM)

Wolf Haldenstein Adler Freeman and Herz LLP Commences Class Action Lawsuit on Behalf of Allos Therapeutics, Inc. Shareholders NEW YORK, May 25 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP filed a class action lawsuit in the United States District Court for the District of Colorado, on behalf of all persons who purchased the securities of Allos Therapeutics, Inc. ("Allos" or the "Company") between April 23, 2003 and May 3, 2004, inclusive, (the "Class Period") against defendants Allos and Michael Hart, the Chief Executive Officer, President, Chief Financial Officer, and a Director of Allos at all relevant times. The case name and index number are Neuman v. Allos Therapeutics, Inc., et al. A copy of the complaint filed in this action is available from the Court, or can be viewed on the Wolf Haldenstein Adler Freeman & Herz LLP website at http://www.whafh.com/cases/allos.htm. The complaint alleges that defendants violated the federal securities laws by issuing materially false and misleading statements throughout the Class Period that had the effect of artificially inflating the market price of the Company's securities. The statements made by the defendants were materially false and misleading because the actual results concerning their Phase III Efaproxiral breast cancer subset were insufficient to support the positive conclusions made by defendants due to numerous flaws in the study. When making the statements, defendants failed to disclose and misrepresented the following adverse facts: (a) the Company's positive statements regarding its RSR13 New Drug Application and the results for the breast cancer subset in its first Phase III trial were misleading because the test subjects were not a representative set but rather a skewed subset of the patients, designed to produce false glowing results; (b) the purported results for the breast cancer subset patients in the first Phase III trial were not representative because the patients in the treatment group were afflicted less severely than the control group as a whole. Therefore, the results were skewed in favor of the treatment group; (c) the results of the study could not be used to support the positive conclusions made by defendants regarding the breast cancer subset because the study was not defined to specifically test the breast cancer subset. Thus, any results related to any post-hac subset could not appropriately be used to support the statements made by defendants; (d) the Company had used an unusually low number of patients in the treatment group and thus could not support its statistical projections; (e) the study was "open label," meaning that both patients and researchers knew they were receiving the treatment. In addition to the above-mentioned shortcomings in the study and statistical evidence, this made the study even more suspect and exposed the study to an increased level of FDA scrutiny, as open label studies tend to skew results in favor of the treatment group; (f) that, as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and their earnings projections. If you purchased Allos securities during the Class Period, you may request that the Court appoint you as lead plaintiff by July 19, 2004. 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 Wolf Haldenstein, or other counsel of your choice, to serve as your counsel in this action. Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has approximately 60 attorneys in various practice areas; and offices in Chicago, New York City, San Diego, and West Palm Beach. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation. If you wish to discuss this action or have any questions, please contact Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New York 10016, by telephone at (800) 575-0735 (Fred Taylor Isquith, Esq., Gregory M. Nespole, Esq., Christopher S. Hinton, Esq., George Peters, or Derek Behnke), via e-mail at or visit our website at http://www.whafh.com/. All e-mail correspondence should make reference to Allos. DATASOURCE: Wolf Haldenstein Adler Freeman & Herz LLP CONTACT: Fred Taylor Isquith, Esq., Gregory M. Nespole, Esq., Christopher S. Hinton, Esq., George Peters, or Derek Behnke, all of Wolf Haldenstein Adler Freeman & Herz LLP, 1-800-575-0735 or Web site: http://www.whafh.com/

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