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Legal Proceedings
3 Months Ended
Mar. 31, 2012
Legal Proceedings [Abstract]  
Legal Proceedings

Note 7. Legal proceedings

Charles Southey, Individually and On Behalf of All Others Similarly Situated v. Pain Therapeutics, Inc., Remi Barbier, Nadav Friedmann, Grant L. Schoenhard and Peter S. Roddy.

On December 2, 2011, Charles Southey filed a purported class action against us and our executive officers listed above in the U.S. District Court for the Western District of Texas. This complaint alleges, among other things, violations of Section 10(b), Rule 10b-5, and Section 20(a) of the Exchange Act arising out of allegedly untrue or misleading statements of material facts made by us regarding REMOXY's development and regulatory status during the purported class period, February 3, 2011 through June 23, 2011. The complaint states that monetary damages are being sought, but no amounts are specified.

Anders Goldfarb, derivatively on behalf of Pain Therapeutics, Inc. v. Remi Barbier, Nadav Friedmann, Michael J. O'Donnell, Patrick J. Scannon, Robert Z. Gussin, and Sanford R. Robertson.

On December 22, 2011, Anders Goldfarb filed a derivative action on behalf of Pain Therapeutics, Inc. against us and our directors listed above in the U.S. District Court for the Western District of Texas. This action alleges, among other things, breach of fiduciary duties, waste of corporate assets and unjust enrichment by our directors in connection with allegedly untrue or misleading statements of material facts made by us regarding REMOXY's development and regulatory status from February 3, 2011 through June 23, 2011. The complaint states that monetary damages are being sought, but no amounts are specified. The complaint also seeks equitable relief on behalf of us against our directors as well as alterations to our corporate governance and internal procedures.

We have not accrued any loss related to these legal proceedings because at this time the amount of a loss, if any, cannot be reasonably determined.