NEW YORK, Jan. 28, 2002 (PRIMEZONE) -- Kaplan Fox (kaplanfox.com) has filed a class action against ImClone Systems, Inc. (Nasdaq:IMCL) and certain of the Company's officers and directors in the United States District Court for the Southern District of New York. The suit is brought on behalf of all persons or entities who purchased the common stock of ImClone Systems, Inc. ("ImClone") between May 12, 2001 and January 18, 2002, inclusive (the "Class Period").
The action, numbered 02-CV-248, is pending in the United States District Court, Southern District of New York, located at 500 Pearl Street, New York, NY 10007, against defendants ImClone, Samuel D. Waksal, Harlan W. Waksal, Robert F. Goldhammer, John Mendelsohn, William R. Miller, Paul B. Kopperl, David M. Kies and Richard Barth. A judge has not yet been assigned to this case.
The complaint charges ImClone and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that during the Class Period defendants made false and misleading statements about, among other things: 1) the progress of ImClone's Fast-Track application with the FDA for approval to market Erbitux, ImClone's new "blockbuster" drug for the treatment of colorectal cancer; 2) how closely the Company was working with the FDA to assure that the Erbitux application would be approved during the first quarter of 2002; and 3) the positive impact that Erbitux's approval would have on the Company's revenues for fiscal 2002 and 2003. The complaint alleges that it was false and misleading for defendants to represent that ImClone had presented the evidence necessary to allow the FDA to accept its Erbitux application when they knew the application did not comply with the stated expectations of the FDA.
ImClone shocked the market when, on December 28, 2001, it announced that the FDA had declined to accept its Fast-Track application to market Erbitux. The price of ImClone's stock fell sharply again on January 9, 2002, when executives from ImClone admitted that the Company had submitted a faulty application for Erbitux. As a result of Defendants false and misleading statements during the Class Period, the price of ImClone common stock traded at artificially inflated prices.
Plaintiff seeks to recover damages on behalf of the Class and is represented by Kaplan Fox & Kilsheimer LLP. Our firm, with offices in New York, San Francisco, Chicago and New Jersey has many years of experience in prosecuting investor class actions and actions involving financial fraud. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com
If you are a member of the Class, you may move the court no later than March 8, 2002 to serve as a lead plaintiff for the Class. In order to serve as a lead plaintiff, you must meet certain legal requirements.
If you have any questions about this Notice, the action, your rights, or your interests, please e-mail us at mail@kaplanfox.com or contact:
Frederic S. Fox, Esq. Jonathan K. Levine, Esq. Christine Fox, Esq. Kaplan Fox & Kilsheimer LLP 805 Third Avenue, 22nd Floor New York, NY 10022 (800) 290-1952 (212) 687-1980 Fax: (212) 687-7714 E-mail address: mail@kaplanfox.com Laurence D. King, Esq. Kaplan Fox & Kilsheimer LLP 601 Montgomery Street San Francisco, CA 94111 (415) 772-4700 Fax: (415) 772-4707 E-mail address: mail@kaplanfox.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca