Milberg Weiss Announces The Filing Of A Class Action Suit on Behalf of Purchasers of Noven Pharmaceuticals, Inc.

Business Editors & Legal Writers

NEW YORK--(BUSINESS WIRE)--Nov. 8, 2001

The law firm of Milberg Weiss Bershad Hynes & Lerach LLP announces that a class action lawsuit was filed on November 8, 2001, on behalf of purchasers of the securities of Noven Pharmaceuticals Inc., ("Noven" or the "Company") (NASDAQ: NOVN) between March 27, 2001 and November 1, 2001 inclusive (the "Class Period'). A copy of the complaint filed in this action is available from the Court, or can be viewed on Milberg Weiss' website at: http://www.milberg.com/noven/

The action, numbered CIV014606-King, is pending in the United States District Court for the Southern District of Florida, Miami Division, against defendants Noven, Robert C. Strauss (President, Co-Chairman and Chief Executive Officer), James B. Messiry (Chief Financial Officer) and Steven Sablotsky (Co-Chairman and Director).

The complaint charges that defendants 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 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 women's 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 Noven's 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, Noven's stock price plunged by 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 Noven's product, that Novartis had excess-inventories of Noven's products and that, as a result, Noven's European sales would decline substantially in the fourth quarter of 2001 and 2002. In response to this announcement, Noven's stock price fell by 33% to $14.89.

If you bought the securities of Noven between March 27, 2001 and November 1, 2001 you may, no later than January 7, 2002, request that the Court appoint you as 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. You may retain Milberg Weiss Bershad Hynes & Lerach LLP, or other counsel of your choice, to serve as your counsel in this action.

Milberg Weiss Bershad Hynes & Lerach LLP (http://www.milberg.com) is a 170-lawyer firm with offices in New York City, San Diego, San Francisco, Los Angeles, Boca Raton, Philadelphia and Seattle, and is active in major litigations pending in federal and state courts throughout the United States. Milberg Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers, and others, and has been responsible for more than $20 billion in aggregate recoveries. Please contact the Milberg Weiss website for more information about the firm. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following attorneys:

Steven G. Schulman or Samuel H. Rudman One Pennsylvania Plaza, 49th fl. New York, NY, 10119-0165 Phone number: [phone]

--or-- Kenneth J. Vianale or Maya Saxena 5355 Town Center Road, Suite 900 Boca Raton, FL 33486 Phone number: [phone]

Email: [e-mail] Website: http://www.milberg.com