BALA CYNWYD, Pa., Jan. 13, 2003 (PRIMEZONE) -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the District of New Jersey on behalf of all purchasers of the common stock of Bio-Technology General Corp. (Nasdaq:BTGC) from April 19, 1999 through August 2, 2002, inclusive (the "Class Period").
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.
The Complaint alleges that Bio-Technology and certain of its executive officers with violations of federal securities laws. Among other things, plaintiff claims those defendants' material omissions and the dissemination of materially false and misleading statements concerning Bio-Technology's revenue and earnings caused the stock price to become artificially inflated, inflicting damages on investors.
The Complaint alleges that, in order to inflate the price of the stock, defendants caused the Company to falsely report its earnings during 1999, 2000 and 2001 through inappropriate revenue recognition practices, including recognizing revenue where significant uncertainties existed relating to realization of the invoiced amounts.
The Complaint charges that on August 2, 2002, defendants announced that reported financial results for fiscal year 1999, 2000 and 2001 would be restated to eliminate revenue that had been improperly recorded. The Company has now restated its results for each of the years ended December 31, 1999, December 31, 2000 and December 31, 2001.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, LLP, which prosecutes class actions on behalf of investors and shareholders. For more information on Schiffrin & Barroway, or to sign-up to participate in this action online, please visit http://www.sbclasslaw.com/cgi/signup.cgi.
If you are a member of the class described above, you may, not later than March 11, 2003, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.