Lerach Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit Against deCODE genetics, Inc.SAN DIEGO San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. -- Lerach Coughlin Stoia Geller Rudman & Robbins LLP LLP - Lower Layer Protocol ("Lerach Coughlin") (http://www.lerachlaw.com/cases/decode/) today announced that a class action has been commenced 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. for the Southern District of 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 on behalf of purchasers of deCODE genetics, Inc. ("deCODE") (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :DCGN) publicly traded securities during the period between October 29, 2003 and August 26, 2004 (the "Class Period"). If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, William Lerach or Darren Robbins of Lerach Coughlin at 800-449-4900 or via e-mail at wsl@lerachlaw.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.lerachlaw.com/cases/decode/. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. The complaint charges deCODE and certain of its officers and directors with violations of the Securities Exchange Act of 1934. deCODE is a population genetics Population genetics The study of both experimental and theoretical consequences of mendelian heredity on the population level, in contradistinction to classical genetics which deals with the offspring of specified parents on the familial level. company developing drugs and deoxyribonucleic acid (DNA DNA: see nucleic acid. DNA or deoxyribonucleic acid One of two types of nucleic acid (the other is RNA); a complex organic compound found in all living cells and many viruses. It is the chemical substance of genes. )-based diagnostics, based upon its discoveries in the inherited causes of common diseases. The complaint alleges that during the Class Period, defendants caused deCODE's shares to trade at artificially inflated levels through the issuance of false and misleading statements, including by concealing its continuing internal control problems. As a result of this inflation, deCODE was able to complete a public offering of $150 million worth of convertible notes in April 2004, raising net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of $144 million. Then, on August 26, 2004, deCODE filed a Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. with the SEC in which it disclosed the resignation of its outside accountant and disclosed a "reportable condition" with respect to deCODE's closing procedures. On this news, deCODE's stock collapsed to $5.70 per share, 58% below the Class Period high of $13.80 per share. Plaintiff seeks to recover damages on behalf of all purchasers of deCODE publicly traded securities during the Class Period (the "Class"). The plaintiff is represented by Lerach Coughlin, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud. Lerach Coughlin, a 140-lawyer firm with offices in San Diego, San Francisco, Los Angeles, New York, Boca Raton, Washington, D.C., Houston, Philadelphia and Seattle, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. Lerach Coughlin lawyers have been responsible for more than $20 billion in aggregate recoveries. The Lerach Coughlin Web site (http://www.lerachlaw.com) has more information about the firm. |
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion