BioSante Sued Again Over Female Libido Drug Disappointment

Law360, New York (June 28, 2012, 6:34 PM EDT) -- BioSante Pharmaceuticals was hit with a shareholder derivative suit in Illinois state court Wednesday alleging company directors overhyped the effectiveness and market potential of its LibiGel drug that was meant to improve women's sex drives to artificially drive up the stock price.

Yousif Telya accuses BioSante's top brass, including Board Chairman Louis Sullivan and President and CEO Stephen Simes, of falsely claiming that LibiGel was commercially viable and highly effective in treating sexual dysfunction in women in an effort to boost the company's stock price....
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