NEW YORK, Jan. 9, 2002 (PRIMEZONE) -- Kirby McInerney & Squire, LLP has filed a class action lawsuit on behalf of purchasers of shares of ImClone Systems, Inc. (Nasdaq:IMCL) between May 12, 2001 and January 4, 2002, inclusive. A copy of the complaint is available from the Court or from Kirby McInerney & Squire. Please contact us by phone at (888) 529-4787 or by email at mfleming@kmslaw.com.
Plaintiff alleges in this action that during the Class Period defendants made materially false and misleading statements about the progress of ImClone's application for Food and Drug Administration (FDA) approval of Erbitux, ImClone's new cancer treatment drug.
On December 28, 2001, ImClone shocked the market by issuing a press release that disclosed that the FDA had rejected its filing of a Biologics License Application (BLA) for Erbitux. ImClone's shares plummeted $11.15, or 20%, to $44.10. On January 4, 2002, a publication known as The Cancer Letter reported that ImClone was repeatedly informed about the problems with the clinical trials by the FDA during and before the Class Period. After these additional facts were disclosed, ImClone fell further to open on January 7, 2002 at $34.96 per share.
Kirby McInerney & Squire, LLP, specializes in complex litigation, including securities class actions. Kirby McInerney & Squire has repeatedly demonstrated its expertise in this field, and has been recognized by various courts which have appointed the firm to major positions in consolidated and multi-district litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling hundreds of millions of dollars, and its achievements and quality of service have been chronicled in published decisions. More information about the firm, class actions in general, or about the role of the lead plaintiff in a securities class action can be obtained at Kirby McInerney & Squire's website at www.kmslaw.com.
Investors who purchased ImClone shares between May 12, 2001 and January 4, 2002, may, no later than March 8, 2002, move the Court to serve as lead plaintiff of the proposed class, if they so choose. In order to serve as lead plaintiff, however, an investor must meet certain legal requirements, as set out in the Private Securities Litigation Reform Act of 1995. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Class members need not, however, seek appointment as lead plaintiff in order to share in any recovery resulting from this litigation.
If you wish to discuss the claims described above, or have any questions concerning this notice or your rights, please contact:
Ira Press, Esq. Melissa Fleming, Paralegal KIRBY McINERNEY & SQUIRE, LLP 830 Third Avenue, 10th Floor New York, New York 10022 Telephone: (212) 317-2300 or Toll Free (888) 529-4787
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca