BALA CYNWYD, Pa., April 24, 2002 (PRIMEZONE) -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:
A securities class action lawsuit pending in the U.S. District Court for the Southern District of Florida (02-60447) claims that Andrx Corporation (Nasdaq:ADRX) ("Andrx" or the "Company") misled shareholders about its business and financial condition.
Plaintiff seeks damages for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of all investors who bought Andrx Corporation securities between April 30, 2001 through February 21, 2002 (the "Class Period").
Schiffrin & Barroway, LLP has prosecuted shareholder class actions for over fourteen years and has recovered more than $1 billion for investors. If you are a shareholder of Andrx Corporation and want to learn more about this lawsuit and about becoming a lead plaintiff, you may visit our Website at http://www.sbclasslaw.com/cgi/signup.cgi.
The complaint alleges that the Florida-based issued a series of statements concerning its generic version of the drug Tiazac(r) 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.
If you purchased Andrx Corporation securities between April 30, 2001 and February 21, 2002, you may be a member of the class and have until May 21, 2002 to move the court to become a lead plaintiff. In order to serve as lead plaintiff, however, you must meet certain legal requirements. To be a member of the class, however, you do not need to take any action at this time. Should you decide to seek appointment as a lead plaintiff, you may retain Schiffrin & Barroway, or retain counsel of your choice.
To learn more about your rights and interests in this case and your ability to potentially recoup your losses, please contact Schiffrin & Barroway (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) directly at 888-299-7706 (toll free) or 610-822-2221, fax number 610-822-0002, e-mail at info@sbclasslaw.com or visit our Website at www.sbclasslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca