BALA CYNWYD, Pa., June 19, 2002 (PRIMEZONE) -- A pending class action charges NeoPharm, Inc. (Nasdaq:NEOL) ("NeoPharm" or the "Company") with misleading investors about its business and financial condition according to the law firm of Schiffrin & Barroway, LLP.
The complaint was filed in the U.S. District Court for the Northern District of Illinois (02-C-3912). Plaintiff seeks damages for violations of the federal securities laws on behalf of all investors who purchased NeoPharm, Inc. securities between September 25, 2000 and April 19, 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 NeoPharm, Inc. 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 Illinois-based NeoPharm, Inc. issued a series of statements concerning its Liposome Encapsulated Parclitaxel ("LEP") product, and that the defendants made materially false positive statements to Pharmacia Corporation in order to induce their participation in clinical trials of LEP; failed to disclose that Pharmacia Corporation was studying a different formulation of LEP that would not necessarily support the approval of NeoPharm's LEP product; and failed to disclose that all of Pharmacia Corporation's clinical trails failed to produce any positive benefits to patients. In addition, certain individual defendants wrongfully sold shares of NeoPharm on the open market a artificially inflated prices, reaping proceeds of over $7 million.
If you purchased NeoPharm, Inc. securities between September 25, 2000 and April 19, 2002, you may be a member of the class and have until June 25, 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