Appeals Court Affirms Dismissal of Securities Class Action Against Carter-Wallace.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 9, 2000 Carter-Wallace, Inc. (NYSE NYSE See: New York Stock Exchange :CAR) announced today that the United States Court of Appeals for the Second Circuit The United States Court of Appeals for the Second Circuit is one of the thirteen United States Courts of Appeals. It has appellate jurisdiction over the district courts in the following districts:
Two consolidated federal securities class action suits filed in 1994 by stockholders against the company and certain of its present and former officers in the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. , Southern District of New York, alleged that certain statements made by the company with respect to the safety and anticipated future sales of Felbatol were false and misleading. In upholding the dismissal of these claims, the appellate court stated that Carter-Wallace had "acted reasonably" in alerting the medical profession of adverse side effects once a linkage was established with Felbatol and that the plaintiff shareholders had "failed adequately to plead reckless behavior on Carter-Wallace's part." Ralph Levine, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Carter-Wallace, said "we are gratified that this long-pending litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. has finally come to an end." Except for the historical matters contained herein, statements in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties which may affect the company's business and prospects, and cause results to differ materially from those set forth in the forward-looking statements. These risks include, among other things, the risk that the shareholder plaintiffs may seek re-hearing of the appellate decision or appeal to the United States Supreme Court United States Supreme Court: see Supreme Court, United States. . In addition to these factors, the economic, competitive, governmental, technological and other factors identified in the company's filings with the Securities and Exchange Commission could affect the forward-looking statements contained in this release. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion