Shareholders settle class action against Star Scientific – $5,900,000 Settlement

This was a securities class action on behalf of all persons who purchased or otherwise acquired the publicly traded securities of Star Scientific Inc. between Oct. 31, 2011, and March 18, 2013, against Star Scientific and certain of its officers and/or directors for violations of the Securities Exchange Act of 1934. The class consisted of current and former shareholders of Star Scientific who purchased shares of stock during May 2011 and January 2013. In their suit, the class claimed the company made materially false and misleading statements during the class period in press releases, analyst conference calls and filings with the SEC. The class alleged that they had been damaged by the misrepresentations made by Star Scientific and its officers and/or directors related to research on its product, Anatabloc.

[15-T-085]

Type of action: Securities Class Action
Name of case: In re Star Scientific, Inc. Securities Litigation
Court: U.S. District Court, Richmond
Case no.: 3:13cv183
Judge: John A. Gibney Jr.
Date resolved: June 26, 2015
Verdict or settlement: Settlement
Amount: $5,900,000
Attorneys for plaintiffs: Stephen J. Oddo, San Diego; Collin J. Hite, Richmond
Attorneys for defendant: Charles L. Elsen, Washington; Nicholas G. Terris, Washington; Maurice F. Mullins, Richmond; Edward E. Bagnell Jr., Richmond