LOS ANGELES, Feb. 28, 2003 (PRIMEZONE) -- Glancy & Binkow LLP -- a law firm representing shareholders of Bio-Technology General Corp. -- announces 11 days remaining to move to be a lead plaintiff in the shareholder lawsuit. All persons and institutions who purchased securities of Bio-Technology General Corp. ("BTG" or the "Company") (Nasdaq:BTGC) between April 19, 1999, and August 2, 2002, inclusive (the "Class Period"), may move the Court not later than March 11, 2003, to serve as lead plaintiff, however, you must meet certain legal requirements.
If you wish to receive a copy of the Complaint, or have any questions concerning your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy & Binkow LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161, Toll Free at (888) 773-9224, or e-mail to info@glancylaw.com.
The Complaint charges BTG and certain of its executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and the dissemination of materially false and misleading statements concerning BTG's revenue and earnings caused the Company's stock price to become artificially inflated, inflicting damages on investors. The Complaint alleges that, in order to inflate the price of BTG's stock, defendants caused the Company to falsely report its results during 1999, 2000 and 2001 through improper revenue recognition practices, including recognizing revenue in shipments to distributors where significant uncertainties existed concerning realization of the invoiced amounts, which precludes revenue recognition under Generally Accepted Accounting Principles. The Complaint charges that on August 2, 2002, defendants announced that BTG's 1999-2001 results would be restated to eliminate revenue that had been improperly recorded. BTG has now restated its results for each of the years ended December 31, 1999, 2000 and 2001.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting shareholder lawsuits, and substantial expertise in actions involving corporate fraud.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca