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Pastimes : Investment Chat Board Lawsuits -- Ignore unavailable to you. Want to Upgrade?

To: Done, gone. who wrote (9736)	8/30/2006 8:18:03 AM
From: Done, gone.	Read Replies (1) \| Respond to of 12465

Federal Court Temporarily Prohibits Laddcap From Taking Any Action on Consents Wednesday August 30, 8:00 am ET Lawsuit Seeks to Allow Delcath Shareholders to Vote Based on Full and Accurate Information STAMFORD, Conn., Aug. 30 /PRNewswire-FirstCall/ -- Delcath Systems, Inc. (Nasdaq: DCTH - News) announced today that a Federal Court in New York granted Delcath's application for an order temporarily prohibiting Laddcap Value Partners LP and certain related entities (the "Ladd Defendants") from taking any action based on consents that they may obtain as part of their consent solicitation until the court rules on Delcath's application for a preliminary injunction. The hearing on Delcath's application for a preliminary injunction is currently scheduled for September 25, 2006, though that date is subject to change. Delcath may not act on any consent revocations it receives for the same period. The Court indicated at the hearing that it would enter a written order memorializing its ruling shortly. As previously announced, Delcath commenced this lawsuit against the Ladd Defendants for alleged violations of the federal securities laws. The lawsuit alleges that the Ladd Defendants have made a series of material misrepresentations and omissions to Delcath's shareholders in connection with their campaign to take control of the Company. The lawsuit seeks, among other relief, to require the Ladd Defendants to correct their misrepresentations and omissions before attempting to use their consent solicitation to replace Delcath's Board of Directors with their own slate of handpicked director nominees. About Delcath Systems, Inc. Delcath Systems is a developer of isolated perfusion technology for organ or region-specific delivery of therapeutic agents. The Company's intellectual property portfolio currently consists of 12 patents on a worldwide basis, including the United States, Europe, Asia and Canada. For more information, please visit the Company's website, www.delcath.com . This release contains forward-looking statements, which are subject to certain risks and uncertainties that can cause actual results to differ materially from those described. Factors that may cause such differences include, but are not limited to, uncertainties relating to our ability to successfully complete Phase III clinical trials and secure regulatory approval of our current or future drug-delivery system and uncertainties regarding our ability to obtain financial and other resources for any research, development and commercialization activities. These factors, and others, are discussed from time to time in our filings with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. Delcath undertakes no obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after the date they are made. On August 17, 2006, Laddcap filed a definitive consent solicitation statement with the SEC relating to Laddcap's proposal to, among other things, remove the current Board of Directors and replace them with Laddcap's nominees. In response, on August 21, 2006, Delcath filed a definitive consent revocation statement on Form DEFC14A (the "Definitive Consent Revocation Statement") with the SEC in opposition to Laddcap's consent solicitation. Delcath shareholders should read the Definitive Consent Revocation Statement (including any amendments or supplements thereto) because it contains additional information important to the shareholders' interests in Laddcap's consent solicitation. The Definitive Consent Revocation Statement and other public filings made by Delcath with the SEC are available free of charge at the SEC's website at www.sec.gov . Delcath also will provide a copy of these materials free of charge upon request to Delcath Systems, Inc., Attention: M.S. Koly, President and Chief Executive Officer, (203) 323-8668. Company Contact: Investor Contacts: Delcath Systems, Inc. Todd Fromer / Garth Russell M. S. Koly, Chief Executive Officer KCSA Worldwide 203-323-8668 (212) 896-1215 / (212) 896-1250 www.delcath.com tfromer@kcsa.com / grussell@kcsa.com Media Contact: Lewis Goldberg KCSA Worldwide (212) 896-1216 lgoldberg@kcsa.com Source: Delcath Systems, Inc. biz.yahoo.com