FDA Tip Sparks SEC Biopure Investigation

Law360, New York (October 10, 2005, 12:00 AM EDT) -- A Securities and Exchange Commission lawsuit filed against medical technology company Biopure was prompted by a tip from the Food and Drug Administration, according to SEC officials.

The SEC said it initiated the investigation into Biopure after receiving a communication from the FDA regarding potentially misleading and erroneous statements made by Biopure to its investors.

The SEC filed a lawsuit against Biopure in September alleging that “in 2003, Biopure Corporation and its chief executive officer, head of regulatory affairs and general counsel engaged in a fraudulent...
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