Foreign Investor Leads Class Action V. Drug Co.

Law360, New York (January 9, 2008, 12:00 AM EST) -- A Luxemburg-based investment firm has been appointed lead plaintiff in a consolidated shareholder class action against anti-cancer drug maker GPC Biotech AG despite concerns over a foreign investor's rights in U.S. securities suits.

Judge Denny Chin of the U.S. District Court for the Southern District of New York on Tuesday consolidated three securities suits against GPC and appointed Axxion S.A. Luxemburg as lead plaintiff in the case because it had a larger financial interest than any other proposed plaintiff. Labaton Sucharow LLP, Axxion's outside law firm,...
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