NEW YORK, Feb. 5, 2003 (PRIMEZONE) -- Wechsler Harwood LLP has filed a securities fraud lawsuit against Transkaryotic Therapies, Inc. ("TKT") (Nasdaq:TKTX), on behalf of persons who purchased or otherwise acquired the securities of Transkaryotic Therapies, Inc. during the period from January 4, 2001 through and including January 13, 2003 (the "Class Period"). The suit names Transkaryotic Therapies, Inc. ("Transkaryotic" or the "Company") as a defendant, along with Richard F. Selden, the Company's President and CEO; and Rodman W. Moorhead III, the Company's Chairman. The complaint asserts securities fraud claims under sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder.
The complaint alleges that the defendants violated the Federal securities laws by making materially false and misleading statements and failing to disclose material adverse information regarding the prospects for FDA approval of Replagal, Transkaryotic's drug for the treatment of Fabry Disease. In particular, the complaint alleges that defendants repeatedly represented that FDA approval was not only likely, but imminent, when they knew or should have known that the Replagal Biologics License Application ("BLA") the Company had submitted to the FDA was grossly deficient and could not support approval.
At a meeting on Jan. 14, 2003, the FDA Advisory Committee voted 15-0 to tell the FDA that Transkaryotic had not provided sufficient evidence that Replagal is effective in treating Fabry Disease. When Transkaryotic shares resumed trading on January 15, 2003, they lost more than 25% of their value in a single day, falling to $6.49 per share.
If you purchased TKT securities during the Class Period, you may, no later than March 25, 2003, move to be appointed as a lead plaintiff in this class action. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Wechsler Harwood, or other counsel of your choice, to serve as your counsel in this action.
Wechsler Harwood has taken a leading role in many important actions on behalf of defrauded shareholders. The Wechsler Harwood website (www.whesq.com) has more information about the firm and detailed information regarding this matter. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following:
Wechsler Harwood LLP 488 Madison Avenue, 8th Floor New York, New York 10022 Toll Free Telephone: (877) 935-7400 David Leifer, Wechsler Harwood Shareholder Relations Department: dleifer@whesq.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca