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Class action lawsuit and related derivative lawsuit dismissed
American Pharmaceutical Partners, Inc. (Nasdaq: APPX) (APP) today announced that the class action lawsuit filed against APP, certain of its officers and American BioScience, Inc. (ABI) has been voluntarily dismissed by the plaintiff. A related derivative lawsuit filed against certain of APP's directors and officers has also been voluntarily dismissed by the plaintiff. These actions alleged that the defendants purportedly made false and misleading statements regarding ABRAXANE(TM). No payment to the plaintiffs was made by or on behalf of any party in connection with the dismissal of these lawsuits. "The company has always maintained that these lawsuits were without merit, and we are pleased that this legal distraction now is behind us," said Al Heller, APP president and chief executive officer.
About American Pharmaceutical Partners
American Pharmaceutical Partners, Inc. is a specialty drug company that develops, manufactures and markets injectable pharmaceutical products, focusing on the oncology, anti-infective and critical care markets. Abraxis Oncology, the proprietary division of APP, is devoted entirely to developing and promoting innovative, next-generation cancer therapies such as ABRAXANE(TM), recently launched for the treatment of metastatic breast cancer.
For more information, visit APP's website at www.appdrugs.com and www.abraxisoncology.com.
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