Berger & Montague Files Class Action Lawsuit Against Noven Pharmaceuticals.

Business Editors/Legal Writers

PHILADELPHIA--(BUSINESS WIRE)--Dec. 19, 2001

The law firm of Berger & Montague, P.C., (http://www.bm.net) filed a class action suit on behalf of an investor against Noven Pharmaceuticals. (``Noven'' or the ``Company'') (NASDAQ:NOVN) and its principal officers and directors in the United States District Court for the Southern District of Florida (Miami) on behalf of all persons or entities who purchased Noven Pharmaceuticals, Inc. securities during the during period from March 27, 2001 through and including November 1, 2001, inclusive (the Class Period).

The complaint charges that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of l934, and Rule 10b-5 promulgated thereunder, by issuing a series of materially false and misleading statements to the market between March 27, 2001 and November 1, 2001. Throughout the Class Period, the Company publicly touted two of its womens hormone replacement products and represented that sales of these agents would be substantial. These statements, as alleged in the complaint, were materially false and misleading because, by November 13, 2000, defendants knew that Novartis Pharma AG (Novartis), its exclusive marketing agent in Europe, was not aggressively marketing Novens two hormone drugs, and that Novartis was instead marketing its own competing drug, Estraderm. On August 2, 2001, Noven issued a press release which only partially revealed the truth, stating that sales to Novartis were weaker than analysts and investors had been led to believe. In response, Novens stock price plunged 43%, to close at $18.98 on August 3, 2001. Subsequently, on November 1, 2001, Noven issued a press release which revealed, for the first time, that Novartis had its own hormone replacement system and would not be converting to Novens product, that Novartis had excess inventories of Novens products and that, as a result, Novens European sales would decline substantially in the fourth quarter of 2001 and 2002. In response to this announcement, Novens stock price fell by 33% to $14.89.

If you purchased Noven securities during the period from March 27, 2001 to November 1, 2001, inclusive, you may, no later than January 7, 2001, move to be appointed lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery, is not, however, affected by the decision whether or not to serve as a lead plaintiff.

The law firm of Berger & Montague, P.C. has over 50 attorneys, all of whom represent plaintiffs in complex litigation. The Berger firm has extensive experience representing plaintiffs in class action securities litigation and has played lead roles in major cases over the past 25 years which have resulted in recoveries of several billion dollars to investors. The firm is currently representing investors as lead counsel in actions against Rite Aid, Sotheby's, Waste Management, Inc., Sunbeam, Boston Chicken and IKON Office Solutions, Inc. The standing of Berger & Montague, P.C. in successfully conducting major securities and antitrust litigation has been recognized by numerous courts. For example:

``Class counsel did a remarkable job in representing the class

interests.`` In Re: IKON Offices Solutions Securities Litigation.

Civil Action No. 98-4286(E.D.Pa.) (partial settlement for $111

million approved May, 2000).

``...[Y]ou have acted the way lawyers at their best ought to act.

And I have had a lot of cases...in 15 years now as a judge and I

cannot recall a significant case where I felt people were better

represented than they are here ... I would say this has been the

best representation that I have seen.`` In Re: Waste Management,

Inc. Securities Litigation, Civil Action No. 97-C 7709 (N.D. Ill.)

(settled in 1999 for $220 million).

If you purchased Noven Pharmaceuticals, Inc. securities during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact:

Todd S. Collins, Esquire

Douglas M. Risen, Esquire

Kimberly A. Walker, Investor Relations Manager

Berger & Montague, P.C.

1622 Locust Street

Philadelphia, PA 19103

Phone: [phone] or 215-875-3000

Fax: [phone]

Website: http://www.bm.net

e-mail: [e-mail]