BALA CYNWYD, Pa., March 14, 2002 (PRIMEZONE) -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of all purchasers of the common stock of SYNSORB Biotech, Inc. (Nasdaq:SYBB) from April 4, 2001 through December 10, 2001, inclusive (the "Class Period").
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.
The complaint charges SYNSORB Biotech, Inc. and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, the complaint alleges that throughout the Class Period, defendants touted the successful progression of its SYNSORB Cd(r) Phase III clinical trials while concealing from the public that, in fact, defendants had "concerns about enrollment"; that defendants knew that "the completion of the trial would reach out years beyond" what they had forecast; that the FDA had directed defendants to use a more stringent protocol in its Phase III trials; that defendants had repeatedly failed to increase enrollment in the Phase III trials during the Class Period; that defendants had been experiencing "unacceptably high drop out rates"; and that defendants could not afford to continue to finance the Phase III clinical trials.
After the market close on December 10, 2001, the Company issued a press release announcing the termination of its SYNSORB Cd(r) development program; and in a conference call the next morning, revealed the true facts concerning the Phase III clinical trials. These shocking revelations made in the press release and in the conference call had a dramatic effect on the price of SYNSORB stock; causing the stock to plummet over 52% and causing plaintiff and the class to suffer damages.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, LLP, which has significant experience and expertise prosecuting class actions on behalf of investors and shareholders. For more information on Schiffrin & Barroway, or to sign-up to participate in this action online, please visit www.sbclasslaw.com.
If you are a member of the class described above, you may, not later than March 18, 2002, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca