Chelsea Therapeutics International 8-K 2012
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 4, 2012
CHELSEA THERAPEUTICS INTERNATIONAL, LTD.
(Exact name of registrant as specified in its charter)
Registrants telephone number, including area code (704) 341-1516
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
On April 4, 2012, two purported class action lawsuits were filed in the U.S. District Court for the Western District of North Carolina against Chelsea Therapeutics International, Ltd. and certain of its executive officers: McIntyre v. Chelsea Therapeutics Intl, Ltd. et al., Case No. 3:12-cv-213; and Albstein v. Chelsea Therapeutics Intl, Ltd. et al., Case No. 3:12-cv-215.
The complaints generally allege that, during differing class periods, all of the defendants violated Sections 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 and the individual defendants violated Section 20(a) of the Exchange Act in making various statements related to Chelseas development of Northera (droxidopa) for the treatment of symptomatic neurogenic orthostatic hypotension (NOH) and the likelihood of FDA approval. The class period alleged in the McIntyre complaint runs from November 3, 2008 and March 28, 2012, and the class period alleged in the Albstein complaint is between June 9, 2011 and February 17, 2012. The complaints seek unspecified damages, interest, attorneys fees, and other costs.
Additional similar lawsuits might be filed. Chelsea and its officers believe all of the claims in these lawsuits are without merit and intend to vigorously defend themselves against these claims.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.