NEWTON, Mass.--(BUSINESS WIRE)--Novelos Therapeutics, Inc. (OTCBB: NVLT), a biopharmaceutical company focused on the development of therapeutics to treat cancer and hepatitis, today announced that a purported class action complaint was filed on March 5, 2010 in the United States District Court for the District of Massachusetts by Drew Weaver, allegedly a purchaser of shares of Novelos’ common stock on February 1, 2010, on behalf of himself and all others similarly situated against Novelos and Harry S. Palmin, Novelos’ President and Chief Executive Officer. The complaint claims that Novelos violated Section 10(b) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder in connection with alleged disclosures related to the Phase 3 clinical trial of its compound NOV-002 for non-small cell lung cancer. The plaintiff seeks a jury trial.
