LOS ANGELES, Dec. 24, 2002 (PRIMEZONE) -- Glancy & Binkow LLP, the first firm to file a class action lawsuit on behalf of shareholders against Sepracor, Inc. based upon recent events, announces 26 days remaining to move to be a lead plaintiff in the shareholder lawsuit.
All persons and institutions who purchased securities of Sepracor Inc. ("Sepracor" or the "Company") (Nasdaq:SEPR) between April 14, 2000 and March 6, 2002, inclusive (the "Class Period"), may move the Court not later than January 19, 2003, to serve as lead plaintiff, however, you must meet certain legal requirements.
If you wish to receive a copy of the Complaint, discuss this action, or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy & Binkow LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
The Complaint charges Sepracor and certain of its officers and directors with violations of sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and rule 10b-5 of the Securities and Exchange Commission. Among other things, plaintiff claims that defendants' material omissions and the dissemination of materially misleading statements concerning Soltara -- an antihistamine for which the Company had applied for FDA approval, which was ultimately rejected -- caused Sepracor's stock price to become artificially inflated, inflicting damages on investors.
The Complaint alleges that, contrary to defendants representations, Soltara had caused potentially fatal cardiac effects in dogs and rats, as well as a serious liver disorder in dogs, and Soltara had not been tested in patients at maximum tissue concentration, a prerequisite for FDA approval of antihistamines such as Soltara which had demonstrated cardiac effects in animal studies. Additionally, the complaint asserts that defendants' representations that they were "confident" the FDA would approve Soltara by March 2002 were misleading in light of these facts. The complaint further alleges that on March 7, 2002, defendants disclosed that the FDA had declined to approve Soltara, and subsequently revealed that substantial additional clinical studies would be required.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting shareholder lawsuits, and substantial expertise in actions involving corporate fraud.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca