Inter-Local Pension Fund Gcc/i v. Rigel Pharmaceuticals, Inc.

I. INTRODUCTION

Plaintiff Inter-Local Pension Fund GCC/IBT (“Plaintiff’) brought a securities fraud action individually and on behalf of all other persons who purchased or otherwise acquired the common stock of Rigel Pharmaceuticals, Inc. (“Rigel”) between December 18, 2007 and February 3, 2009, pursuant to sections 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. §§ 78j(b) and 78t(a), and the rules and regulations promulgated thereunder, including Securities and Exchange Commission Rule 10b-5, 17 C.F.R. § 240 .10b-5. Plaintiff also brought claims on behalf of itself and persons who purchased Rigel stock traceable to the registration statement and prospectus issued in connection with Rigel’s February 2008 stock offering, pursuant to sections 11, 12, and 15 of the Securities Exchange Act of 1934,15 U.S.C. §§ 77k, 771, and 77o.

The complaint focuses on alleged statements by Rigel and other individuals concerning the results of a clinical drug trial and alleged statements about partnership prospects for Rigel. Named defendants include Rigel, James M. Gower, Ryan D. Maynard, Donald G. Payan, Raul R. Rodriguez, Elliott B. Grossbard, Jean Deleage, Bradford S.…