MARTINSRIED/MUNICH, Germany July 27 /PRNewswire-FirstCall/ --
PRINCETON, NJ -- GPC Biotech AG (Frankfurt Stock Exchange: GPC; TecDAX
index; Nasdaq: GPCB) today announced that it has been sued in the United
States District Court for the Southern District of New York, purportedly in
a class action lawsuit on behalf of all persons who purchased or acquired
securities of GPC Biotech between December 5, 2005 and July 24, 2007
inclusive. Bernd R. Seizinger (CEO), Martine George and Marcel Rozencweig
were also named as defendants. The complaint alleges that GPC Biotech
violated U.S. federal securities laws by making false public statements
relating to the prospects of its most advanced product candidate,
satraplatin, and thereby artificially inflating the price of GPC Biotech
securities.
GPC Biotech believes the allegations in the complaint to be without
merit and intends to vigorously defend itself against them.
End Of Ad Hoc Announcement
This ad hoc release contains forward-looking statements, which express
the current beliefs and expectations of the management of GPC Biotech AG,
including those relating to the possible outcome of the proceedings and
legal actions referenced herein. Such statements are based on current
expectations and are subject to risks and uncertainties, many of which are
beyond our control, that could cause future results, performance or
achievements to differ significantly from the results, performance or
achievements expressed or implied by such forward-looking statements.
Actual results could differ materially depending on a number of factors,
and we caution investors not to place undue reliance on the forward-looking
statements contained in this ad hoc release. We direct you to GPC Biotech's
Annual Report on Form 20-F for the fiscal year ended December 31, 2006 and
other reports filed with the U.S. Securities and Exchange Commission for
additional details on the important factors that may affect the future
results, performance and achievements of GPC Biotech. Forward-looking
statements speak only as of the date on which they are made and GPC Biotech
undertakes no obligation to update these forward-looking statements, even
if new information becomes available in the future.
Satraplatin has not yet been approved by the FDA in the U.S., the EMEA
in Europe or any other regulatory authority and no conclusions can or
should be drawn regarding its safety or effectiveness. Only the relevant
regulatory authorities can determine whether satraplatin is safe and
effective for the use(s) being investigated.
SOURCE GPC Biotech AG
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Related links:
http://www.gpc-biotech.com
CONTACT:
Germany- Martin Braendle, Director, Investor
Relations & Corporate Communications, +49(0) 89-8565-2693,
ir@gpc-biotech.com, or U.S.- Laurie Doyle, Director, Investor
Relations & Corporate Communications, +1-609-524-5884,
usinvestors@gpc-biotech.com
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