Cauley Geller Announces Class Action Lawsuit Against Andrx Corporation On Behalf of Investors.
NEW YORK New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- NEW YORK, April 2 /PRNewswire/ -- The Law Firm of Cauley Geller Bowman Coates & Rudman, LLP LLP - Lower Layer Protocol announced today that a class action lawsuit class action lawsuit
A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax has been filed in the United States District Court for the Southern District of Florida The United States District Court for the Southern District of Florida (S.D.Fl.) is the federal district court covering the southern part of the state of Florida. The court's jurisdiction comprises the following counties: Broward, Dade, Highlands, Indian River, Martin, Monroe, , Miami Division, located at 301 North Miami Avenue, Miami, FL 33128, on behalf of purchasers of Andrx Corporation ("Andrx" or the "Company") publicly traded securities during the period between October 31, 2002 and March 4, 2003, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be viewed on the firm's website at http://www.cauleygeller.com/show_case.asp?ccode=105&pcode=10&pp=4 .
The Complaint charges that Defendants Andrx, Richard J. Lane, and Angelo C. Malahias violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market during the Class Period, thereby artificially inflating the price of Andrx securities. Specifically, the Complaint alleges that throughout the Class Period, Defendants issued positive statements about the Company's ability to obtain the approval of the Food and Drug Administration ("FDA") for Andrx's generic version of Wellbutrin SR ("Wellbutrin"), an antidepressant drug. However, Andrx failed to disclose that its version of the drug had a limited expiration date Expiration Date
The day on which an options or futures contract is no longer valid and, therefore, ceases to exist.
The expiration date for all listed stock options in the U.S. , so that if the drug was not marketed by year end 2002, or soon thereafter, the Company would be forced to write off the value of its Wellbutrin inventory or at least establish a significant reserve for it.
On March 5, 2003, Andrx shocked the market by announcing that it would record a $26.3 million charge in its fourth quarter 2002 results, related primarily to the Company's inventories of its generic version of Wellbutrin. According to CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Richard Lane, the Company established this reserve because the expiration dating of the generic versions of these products had become an issue with the FDA. Additionally, in a March 5, 2003 conference call, Andrx's Chief Financial Officer Angelo C. Malahias told analysts that the Company was not going to disclose the dating on the inventory. In response to the shocking news, the Company's stock price dropped 31% from $11.51 on March 4, 2003, to $7.89 at the close on March 5, 2003, on heavy trading volumes.
If you bought Andrx publicly traded securities between October 31, 2002 and March 4, 2003, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than May 12, 2003. If you are a member of this class, you can join this class action online at http://cauleygeller.com/template8.asp?pcode=6&pp=1 . Any member of the purported class may move the Court to serve as lead plaintiff through Cauley Geller or other counsel of their choice, or may choose to do nothing and remain an absent class member.
Cauley Geller is a national law firm that represents investors and consumers in class action and corporate governance 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. . It is one of the country's premiere firms in the area of securities fraud, with in-house finance and forensic accounting specialists and extensive trial experience. Since its founding, Cauley Geller has recovered in excess of two billion dollars on behalf of aggrieved shareholders. The firm maintains offices in Boca Raton, Little Rock and New York.
If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's website at http://www.cauleygeller.com/ .
Contact: CAULEY GELLER BOWMAN COATES & RUDMAN, LLP Samuel H. Rudman, Esq. or David A. Rosenfeld, Esq. Client Relations Department: Jackie Addison, Heather Gann or Sue Null P.O. Box 25438 Little Rock, AR 72221-5438 Toll Free: 1-888-551-9944 Fax: 1-501-312-8505 E-mail: firstname.lastname@example.org
CONTACT: Samuel H. Rudman, Esq. or David A. Rosenfeld, Esq., both of Cauley Geller Bowman Coates & Rudman, LLP, +1-631-367-7100
Web site: http://cauleygeller.com/template8.asp?pcode=6&pp=1 http://www.cauleygeller.com/show_case.asp?ccode=105&pcode=10&pp=4 http://www.cauleygeller.com/