SAN DIEGO, April, 1, 2002 (PRIMEZONE) -- The Law Firm of Robbins Umeda & Fink, LLP announces that a class action lawsuit was filed in the United States District Court for the Southern District of Florida on behalf of purchasers of the securities of Andrx Corporation ("Andrx" or the "Company") (Nasdaq:ADRX) between April 30, 2001 and February 21, 2002 , inclusive (the "Class Period"). If you are a member of this class, you can join this class action by contacting the Firm.
The complaint charges Andrx and certain of its officers and directors with violations Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. The complaint alleges that Andrx and certain of its officers and directors issued a series of material misstatements concerning its generic version of the drug Tiazac(r), including that the only thing holding up the drug from reaching the market was continuing patent litigation with Biovail Corp. in connection with Tiazac(r). The defendants failed to disclose that in fact, Andrx had difficulty making a stable version of generic Tiazac(r), including that it had amended its original application to the FDA thirteen times. When Andrx announced on February 21, 2002 that the FDA had raised "certain issues" concerning the generic Tiazac(r), Andrx's stock price dropped from $42.61 per share on February 21, 2002 to $34.96 per share on February 22, 2002, on volume of 15,767,100 -- over seven times the prior day's volume. A copy of the complaint filed in this action is available from the Court or can be e-mailed or mailed to you by the Firm.
If you bought the securities of Andrx between April 30, 2001 and February 21, 2002, you may, no later than May 21, 2002, request that the Court appoint you as a 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 Robbins Umeda & Fink, LLP, or other counsel of your choice, to serve as your counsel in this action.
Robbins Umeda & Fink, LLP has significant experience prosecuting class actions on behalf of investors. If you wish to discuss this action, please call or e-mail the Firm at:
ROBBINS UMEDA & FINK, LLP Marc M. Umeda, Esq. 1010 Second Ave., Suite 2360 San Diego, CA 92101 Toll Free: 1-800-350-6003 E-mail: info@ruflaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.