Telik Settles Securities Class Action For $5M

Law360, New York (September 2, 2008, 12:00 AM EDT) -- Telik Inc. has agreed to pay $5 million to settle a securities class action accusing the biopharmaceutical company of hyping its failed cancer treatment Telcyta and inflating the company stock.

On Friday plaintiffs in the consolidated class action, led by Policemen’s Annuity and Benefit Fund for the City of Chicago, notified Judge Colleen McMahon of the U.S. District Court for the Southern District of New York of the impending request for final approval of the settlement.

The $5 million cash settlement provided for class members —...
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