PHILADELPHIA, May 22, 2002 (PRIMEZONE) -- On May 16, 2002, the law firm of Berger & Montague, P.C. (http://www.bergermontague.com) filed a class action suit against ViroPharma, Inc. ("ViroPharma") (Nasdaq:VPHM) and certain of its principal officers and directors in the United States District Court for the Eastern District of Pennsylvania on behalf of all persons or entities who purchased ViroPharma securities between July 13, 1999 and March 19, 2002 (the "Class Period").
The complaint alleges that defendants violated the federal securities laws by issuing materially false and misleading statements throughout the Class Period that had the effect of artificially inflating the market price of the Company's securities. Specifically, the complaint alleges that throughout the Class Period, Defendants misrepresented the adequacy of the evidence of the efficacy of Picovir in reducing the duration and severity of symptoms of the common cold.
On March 19, 2002, trading was halted as the Company revealed that an FDA Advisory Committee was deciding whether to recommend FDA approval of ViroPharma's cold treatment, Picovir. The Committee voted 15-0 not to recommend approval. On March 20, 2002, after the resumption of trading, the market price of ViroPharma stock plummeted 60 percent.
If you purchased ViroPharma securities during the period from July 13, 1999 through March 19, 2002, inclusive, you may, no later than May 28, 2002, move to be appointed as a Lead Plaintiff. A Lead Plaintiff is a representative party that acts on behalf of other class members in directing the litigation. The Private Securities Litigation Reform Act of 1995 directs courts to assume that the class member(s) with the "largest financial interest" in the outcome of the case will best serve the class in this capacity. Courts have discretion in determining which class member(s) have the "largest financial interest," and have appointed Lead Plaintiffs with substantial losses in both absolute terms and as a percentage of their net worth. If you have sustained substantial losses in ViroPharma securities during the Class Period, please contact Berger & Montague, P.C. at investorprotect@bm.net for a more thorough explanation of the Lead Plaintiff selection process.
The law firm of Berger & Montague, P.C. has more than 50 attorneys, all of whom represent plaintiffs in complex litigation. The firm has special expertise in cases involving misrepresentations concerning the efficacy and safety of drugs. For example, the firm has served as lead or co-lead counsel in numerous class actions against drug companies, including U.S. Bioscience, Inc., Synergen, Inc., Centocor, Inc., Cephalon, Inc., Cell Pathways, Inc. and Genentech, Inc.
The Berger firm has extensive experience representing plaintiffs in class action securities litigation and has played lead roles in major cases over the past 25 years which have resulted in recoveries of several billion dollars to investors. The firm is currently representing investors as lead counsel in actions against Rite Aid, Sotheby's, Waste Management, Inc., Sunbeam, Boston Chicken and IKON Office Solutions, Inc. The standing of Berger & Montague, P.C. in successfully conducting major securities and antitrust litigation has been recognized by numerous courts. For example:
"Class counsel did a remarkable job in representing the class interests." In Re: IKON Offices Solutions Securities Litigation. Civil Action No. 98-4286(E.D.Pa.) (partial settlement for $111 million approved May, 2000).
"...(Y)ou have acted the way lawyers at their best ought to act. And I have had a lot of cases...in 15 years now as a judge and I cannot recall a significant case where I felt people were better represented than they are here ... I would say this has been the best representation that I have seen." In Re: Waste Management, Inc. Securities Litigation, Civil Action No. 97-C 7709 (N.D. Ill.) (settled in 1999 for $220 million).
If you purchased ViroPharma securities during the Class Period, please visit our website at http://www.bergermontague.com to view the complaint and join the class action or if you have any questions concerning this notice or your rights with respect to this matter, please contact:
Sherrie R. Savett, Esquire
Carole A. Broderick, Esquire
Kimberly A. Walker, Investor Relations Manager
Berger & Montague, P.C.
1622 Locust Street
Philadelphia, PA 19103
Phone: 888-891-2289 or 215-875-3000
Fax: 215-875-5715
Website: http://www.bergermontague.com
e-mail: InvestorProtect@bm.net
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca