NEW YORK, Feb. 10, 2003 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the District of Massachusetts, on behalf of all purchasers of Transkaryotic, Inc. ("Transkaryotic" or the "Company") (Nasdaq:TKTX) securities between January 4, 2001 and January 14, 2003, inclusive (the "Class Period"). A copy of the complaint filed in this action will be available on the firm's website at www.faruqilaw.com.
The complaint charges defendants with violations of federal securities laws by, among other things, issuing a series of materially false and misleading press releases concerning Transkaryotic's financial results and business prospects. Specifically, the complaint alleges that Transkaryotic failed to disclose materially adverse information regarding the prospects for FDA approval of Repagal, Transkaryotic's drug for the treatment of Fabry Disease. Moreover, while the Company continued to assure investors otherwise, it knew that FDA approval was not imminent because their application to the FDA did not satisfactorily address questions raised by the FDA and there were serious design flaws in the clinical trials which precluded approval. Defendants' scheme began to unravel when the Company revealed on October 3, 2002 that approval of Repagal would be delayed until the first half of 2003. As a result of these revelations, the Company's shares plummeted to $12.75 on October 3, 2002 from $33.25 the previous day's close.
Moreover, on January 14, 2003, during an FDA Advisory Committee meeting convened to consider Replagal's efficacy, the Committee unanimously voted to disclose to the FDA that Transkaryotic had not provided sufficient evidence that Replagal is effective in treating Fabry Disease. It was also revealed that the FDA had informed Transkaryotic of these same concerns as early as January 2001. Transkaryotic stock plummeted to $6.49 per share on January 15, 2003 upon the news.
Plaintiff seeks to recover damages on behalf of herself and all other individual and institutional investors who purchased or otherwise acquired Transkaryotic securities between January 4, 2001 and January 14, 2003, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.
If you wish to obtain information concerning joining this action you can do so under the "Join Lawsuit" section of our website at www.faruqilaw.com.
If you purchased Transkaryotic securities during the Class Period, you may, not later than March 25, 2003, move the court to serve as lead plaintiff of the class. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact:
ERIC CRUSIUS, ESQ. ANTHONY VOZZOLO, ESQ. FARUQI & FARUQI, LLP 320 East 39th Street New York, NY 10016 Telephone: (877) 247-4292 or (212) 983-9330 e-mail Ecrusius@faruqilaw.com Avozzolo@faruqilaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca