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In re Rigel Pharmaceuticals

March 23, 2009

IN RE RIGEL PHARMACEUTICALS, INC. SECURITIES LITIGATION


The opinion of the court was delivered by: The Honorable Jeffrey S. White United States District Judge

CLASS ACTION

This Document Relates To: ALL ACTIONS.

STIPULATION AND [PROPOSED] ORDER VACATING CASE MANAGEMENT CONFERENCE SET FOR MAY 15, 2009

WHEREAS, plaintiff Inter-Local Pension Fund GCC/IBT ("Inter-Local") filed its Complaint for Violations of the Federal Securities Laws ("Complaint") against Rigel Pharmaceuticals, Inc. ("Rigel" or "the Company") on February 6, 2009;

WHEREAS, Inter-Local alleges in the Complaint that this is a securities class action on behalf of all persons who acquired Rigel stock between December 13, 2007 and October 27, 2008 ("Class Period"), including all persons who acquired Rigel stock pursuant and/or traceable to Rigel's registration statement and prospectus issued in connection with the Company's February 2008 secondary offering;

WHEREAS, in accordance with the Private Securities Litigation Reform Act of 1995 ("PSLRA"), 15 U.S.C. §78u-4(a)(3), on February 6, 2009, Inter-Local asserts that it published a press release on Business Wire that disclosed the filing of the Complaint and informed persons who acquired Rigel common stock during the Class Period that if they wished to serve as lead plaintiff, they were required to file a motion with the Court no later than 60 days from February 6, 2009;

WHEREAS, in accordance with the PSLRA, Inter-Local asserts that motions to be appointed lead plaintiff must be filed by April 7, 2009;

WHEREAS, pursuant to Civil L.R. 7-3 and this Court's Civil Standing Orders, May 15, 2009 is the earliest date possible for a hearing on motions for lead plaintiff;

WHEREAS, on February 9, 2009, this Court issued an Order setting a case management conference for May 15, 2009 and requiring a joint case management conference statement to be filed five court days prior; and

WHEREAS, the parties believe the May 15, 2009 case management conference should be vacated and rescheduled to a date after the Court appoints a lead plaintiff.

IT IS THEREFORE STIPULATED AND AGREED by plaintiff and defendants, through their respective counsel, that, subject to the Court's approval, the May 15, 2009 case management conference shall be vacated and rescheduled following the completion of the lead plaintiff selection process.

DATED: March 20, 2009

COUGHLIN STOIA GELLER RUDMAN & ROBBINS LLP CHRISTOPHER P. SEEFER DANIEL J. PFEFFERBAUM

CHRISTOPHER P. SEEFER 100 Pine Street, 26th Floor San Francisco, CA 94111 Telephone: 415/288-4545 415/288-4534 ...


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