The top percentage gainer on NASDAQ, Life Partners Holdings, Inc.(NASDAQ:LPHI ) stock was up 170 percent at $3.95 in late morning trade.It had touched a 10-year low last month.
The gain in stock was a result of judgment rued in its favor. Travis County District Judge Stephen Yelenosky ruled that the life settlement transactions that it facilitates are not securities under Texas law. The Judgment even denied the state attorney general's request to put the company into receivership.
About 77 percent of market capitalization was wiped off with the filing of legal case of an accounting fraud which overvalued assets on its books.
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A misrepresentation in the sale of life settlements was what the company was accused of, by the Texas Attorney General Greg Abbott last month.
The lawsuit sought the appointment of a receiver, and an order restraining the company from doing business.
The favorable judgment for the company allowed it to pay 10 cents per share dividend it declared earlier.
Buying insurance policies from people for a fraction of their value and continuing to pay premiums, betting that they will eventually make a profit when the seller dies and the profit decreases if the person lives longer than expected is what the Life settlement companies such as Life Partners are involved in.
Catalyst Pharmaceutical Partners, Inc.(NASDAQ:CPRX), Inc announced today that there will be a delay in availability of top-line results from Catalyst's CPP-109 (vigabatrin) Phase II (b) trial for cocaine addiction as advised by the Department of Veterans Affairs Cooperative Studies Program (VACSP).
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Department of Veterans Affairs Cooperative Studies Program being the Company's collaborator responsible for the management and statistical analyses of the data being collected from the trial will produce the top line results to the company during the first half of November 2012.
Shares of CPRX are down 12.50% to $1.61.