BALA CYNWYD, Pa., Feb. 4, 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 Massachusetts on behalf of all purchasers of the common stock of Transkaryotic Therapies Inc., (Nasdaq:TKTX) from January 3, 2001 through January 14, 2003, 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 the defendants violated federal securities laws by issuing a series of materially false and misleading statements to the market throughout the Class Period which statements had the effect of artificially inflating the market price of the Company's securities.
At a meeting held on January 14, 2003, by the United States Food and Drug Administration Endocrinologic and Metabolic Drugs Advisory Committee ("Committee"), the Committee voted 15-0 against recommendation of Replagal, Transkaryotic's drug for the treatment of Fabry disease, to the United States Food and Drug Administration ("FDA").
The Committee believed that Transkaryotic had not provided sufficient evidence for the approval of Replagal. Defendants knew by virtue of their ongoing communications with the FDA that the FDA considered the Company's data on the primary pain reduction endpoint of Transkaryotic's Phase II study to be uninterpretable, and further that the FDA considered that the Company's cardiac and renal data did not support approval. When shares of the Company's common stock resumed trading on January 15, 2003, the shares lost more than 25% of their value, falling to $6.49 per share.
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 25, 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