STEVENSON, MD--(Marketwire -02/14/12)- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of New Jersey on behalf of purchasers of the securities of Columbia Laboratories, Inc. ("Columbia" or the "Company") (NASDAQ: CBRX - News) during the period between December 6, 2010 and January 20, 2012, inclusive (the "Class Period").
If you have suffered a net loss for all transactions in Columbia Laboratories, Inc. securities during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than April 2, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company's positive statements regarding the safety and efficacy of PROCHIEVE progesterone vaginal gel 8% ("PROCHIEVE"), a gel intended to prevent preterm births in women with short cervices, and regarding positive results from PROCHIEVE's clinical trials were unfounded. According to the complaint, after, on January 17, 2012, the FDA published information ahead of a meeting by the Advisory Committee for Reproductive Health Drugs of the FDA ("Advisory Committee") scheduled for January 20, 2012, and revealed that PROCHIEVE did "not support the efficacy of progesterone gel compared with placebo in reducing the risk of preterm births before 33 completed weeks of gestation among women with a short cervical strength" and that the safety of the gel was similar to a placebo as "[n]o maternal deaths occurred and the rates of fetal, neonatal and infant deaths were similar in both treatment arms," and after, on January 20, 2012, the Advisory Committee voted 13 to 4 not to recommend approval of PROCHIEVE, as the risks of the progesterone gel outweighed the benefits, the value of Columbia shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.