Radient Pays $2.5M To End Claims It Lied About Mayo Clinic

Law360, New York (December 18, 2013, 4:28 PM EST) -- Radient Pharmaceuticals Corp. has agreed to pay $2.5 million to settle a class action brought by investors who allege the company falsely claimed to have a clinical testing partnership with the prestigious Mayo Clinic, according to a motion filed Tuesday in California federal court.

The certified class urged U.S. District Judge David O. Carter to preliminarily approve the settlement and end the two-year litigation. The investors filed the suit in March 2011, alleging Radient lied in a January 2011 press release when it claimed it had...
To view the full article, register now.