NEW YORK, Jan. 28, 2003 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the District of New Jersey on behalf of all persons or entities who purchased or otherwise acquired Bio-Technology General Corp. ("BTG" or the "Company") securities (Nasdaq:BTGC) during the period from April 19, 1999 through August 2, 2002, both dates inclusive (the "Class Period"). The Complaint names BTG, Sim Fass, Christopher G. Clement, and Yehuda Sternlicht as defendants.
To discuss this action, this announcement, or your rights or interests, please contact plaintiff's counsel, Eric J. Belfi or Sharon Lee, at Rabin, Murray & Frank LLP, 275 Madison Ave., New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com .
The Complaint alleges that defendants BTG and certain of its officers and directors violated the Securities Exchange Act of 1934 by making a series of materially false and misleading statements concerning the Company's financial results during the Class Period. Specifically, the Complaint alleges that on August 2, 2002, defendants announced that the Company's reported financial results for fiscal years 1999, 2000 and 2001 would be restated to eliminate revenue that had been improperly recognized.
BTG has admitted that in 1999 through 2001, it inappropriately recorded revenue in certain transactions, including shipments to distributors where significant uncertainties existed concerning realization of the invoiced amounts. As a result of defendants' allegedly false and misleading statements during the Class Period, shareholders acquired shares of BTG at artificially inflated prices, and were damaged thereby.
Plaintiff is represented by the law firm of Rabin, Murray & Frank LLP. Rabin, Murray & Frank LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States. You can learn more information about Rabin, Murray & Frank LLP at www.rabinlaw.com.
If you purchased or otherwise acquired BTG securities during the Class Period described above, you may, no later than March 11, 2003, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.rabinlaw.com. If you wish to discuss this action further or have any questions concerning this announcement, or your rights or interests, please contact plaintiff's counsel, Eric Belfi and Sharon Lee, at Rabin, Murray & Frank LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca