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The Law Firm of Lasky & Rifkind, Ltd. Announces Class Action Lawsuit Against Atherogenics, Inc.

NEW YORK -- Lasky & Rifkind, Ltd., a law firm with offices in New York and Chicago, announces that a lawsuit has been filed in the United States District Court for the Southern District of New York, on behalf of persons who purchased or otherwise acquired publicly traded securities of Atherogenics, Inc. ("Atherogenics" or the "Company") (NASDAQ:AGIX) between September 28, 2004 and December 31, 2004, inclusive, (the "Class Period"). The lawsuit was filed against Atherogenics, Russell Medford, Mark Colonnese and Robert Scott ("Defendants").

If you are a member of this class and wish to view a copy of a complaint and join this class action, please e-mail us at investorrelations@laskyrifkind.com and request a copy of the complaint and a plaintiff certification. If you are a member of the Class, you may move the Court no later than March 5, 2005 to serve as a lead plaintiff for the Class. 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. However, if you choose to remain an absent class member, unless and until a class is certified, you are not represented by counsel.

The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that the Company failed to disclose that it had hyped the results of an inconclusive study of AGI-1067, that the levels of plaque reduction described by the Company in its original announcement differed meaningfully from the results achieved by the Cleveland Clinic, that the Company was rapidly burning cash and that it would need to raise additional funds, and that the Company manipulated the study's results in order to enter into a strategic partnership with a major pharmaceutical company to complete the commercialization of AGI-1067. When the truth was revealed the price of Atherogenics shares fell from a close of $23.56 per share on December 31, 2004 to close at $18.72 on January 3, 2005.

If you bought Atherogenics securities between September 28, 2004 and December 31, 2004, inclusive, and would like to obtain information about the lawsuit, then you are invited to call (800) 495-1868 to speak with an advisor.
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Publication:Business Wire
Date:Jan 14, 2005
Words:386
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