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GPC Biotech AG Named in Purported Class Action Lawsuit in the United States

31 Jul 2007 - GPC Biotech AG announced that it has been sued in the United States District Court for the Southern District of New York, purportedly in a class action lawsuit on behalf of all persons who purchased or acquired securities of GPC Biotech between December 5, 2005 and July 24, 2007 inclusive. Bernd R. Seizinger (CEO), Martine George and Marcel Rozencweig were also named as defendants. The complaint alleges that GPC Biotech violated U.S. federal securities laws by making false public statements relating to the prospects of its most advanced product candidate, satraplatin, and thereby artificially inflating the price of GPC Biotech securities.
 
GPC Biotech believes the allegations in the complaint to be without merit and intends to vigorously defend itself against them.