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.
Will
LPHI Move Back TO New Highs After Today’s Solid Momentum? Find Out Here
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).
Should Investors Buy CPRX After Today’s Slump? Find
Out Here
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.
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