A class-action complaint alleging disclosure violations was filedagainst NeoRx Corp. in U.S. District Court for the Western District ofWashington, the Seattle company announced Wednesday.The complaint relates to a lockup agreement between the company'sunderwriters, Mabon Securities, and its former principal shareholder,David Blech. Blech owned about 3.3 million shares, or 29 percent, ofthe 11.5 million shares NeoRx had outstanding after completion of a 2-million-share follow-on offering in December. As a major shareholder,Blech was to hold the shares for 180 days.He sold 500,000 shares in January, 2.2 million shares on April 14 andthe remaining 590,000 shares on April 15. Citibank of New York,which held the 2.2 million shares under a pledge agreement with Blech,sold those to institutional investors.The complaint alleges that Blech intended to sell his stock in thecompany, that NeoRx was aware of it, that the information wasn'tdisclosed in the prospectus, and that the lockup agreement had aloophole that allowed an entity to sell stock Blech pledged to it."We were unaware of any intention (Blech) had to sell the stock," BobLittauer, vice president, chief financial officer of NeoRx, toldBioWorld. "We believe Blech had no intention to sell the stock, andthat the lockup agreement was appropriate and properly disclosed. As aresult, we will defend the company against the suit."In December's follow-on offering, NeoRx (NASDAQ: NERX) shareswere sold at $8 apiece. The stock closed down 19 cents Wednesday at$3.56. _ Jim Shrine
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