ATLANTA, Jan. 15, 2003 (PRIMEZONE) -- Chitwood & Harley announces that it has filed a class action lawsuit in the United States District Court for the District of Massachusetts, on behalf of purchasers of the common stock of Sepracor, Inc. (Nasdaq:SEPR) between May 17, 1999 and March 6, 2002 (the "Class Period"), against defendants Sepracor, Inc. ("SEPR") and certain of its officers and directors. The deadline to file lead plaintiff papers, for those class members wishing to serve in this capacity, is January 21, 2003, NOT January 19, 2003 or January 20, 2003 as many press releases concerning the class action lawsuits against SEPR have announced. The deadline moves to January 21, 2003 under the Federal Rules of Civil Procedure because January 19, 2003, the original deadline, falls on a Sunday and because January 20, 2003 is the anniversary of Martin Luther King Jr.'s birthday, which is a federal court holiday.
If you wish to discuss this action or have any questions concerning this notice or your rights with respect to this matter, you may contact Jennifer Morris at 1-888-873-3999 (toll-free) or by e-mail at jlm@classlaw.com. You may view a copy of this complaint or join the class action online at www.classlaw.com by clicking on Sepracor, Inc. If you wish to serve as lead plaintiff, you must move the Court for appointment no later than January 21, 2003. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Plaintiff alleges that defendants during the Class Period made materially false and misleading statements about the safety of Sepracor's new allergic rhinitis treatment drug, Soltara, and the adequacy of safety data to support an approvable New Drug Application ("NDA") for Soltara. Specifically, the defendants: (a) omitted to disclose that extended accumulation and retention of Soltara in tissues was observed during preclinical studies; (b) omitted to disclose that Soltara had caused hepatic phospholipidosis and cardiomyopathy in animals during preclinical studies; (c) misrepresented that clinical studies for the Soltara NDA provided adequate safety data and assurance that Soltara does not cause QTc prolongation (delayed or irregular heartbeats) in humans; and (d) falsely touted the safety profile of Soltara and the approvability of the Soltara NDA by March 2002, notwithstanding the above.
As a result of the defendants' material misrepresentations and omissions, the market price of Sepracor common stock was artificially inflated during the Class Period, trading as high as $137.39 per share. On March 7, 2002, Sepracor shocked the market by issuing a press release, disclosing that the U.S. Food and Drug Administration ("FDA") would issue a "not approvable" letter for the Soltara NDA due to the FDA's concerns about observed adverse Soltara accumulation and cardiovascular events, and the inadequacy of safety data in the Soltara NDA. Immediately and on the same day, Sepracor common stock price plummeted by $27.63 per share, or 58.45%, to $19.64 per share -- resulting in substantial loss for Sepracor investors.
In order to serve as lead plaintiff, you must meet certain legal requirements which Chitwood & Harley would be happy to discuss with you. Chitwood & Harley is a class action law firm that represents victims of securities fraud and corporate mismanagement. Chitwood & Harley has been appointed lead counsel in major actions throughout the United States and has been instrumental in obtaining significant recoveries on behalf of its clients. Clients and courts alike have praised the results achieved by Chitwood & Harley. Recently, the federal judge in In re BankAmerica Securities Litigation, which resulted in last year's highest settlement in a securities class action, commented favorably on counsel's performance stating: "Class members were well served by experienced attorneys who, through considerable time and effort, obtained a significant recovery for their clients," and, "(a)s the Court has remarked throughout this litigation, class counsel ... have performed at exceptionally high levels, and all parties have been exceedingly well represented."
For more information about Chitwood & Harley, please visit our website at www.classlaw.com or contact Jennifer Morris at 1-888-873-3999 (toll-free), by e-mail at jlm@classlaw.com or at 1230 Peachtree Street, Suite 2300, Atlanta, Georgia 30309.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.