PHILADELPHIA, March 13, 2003 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of Florida, on behalf of all persons and entities who purchased the common stock of Andrx (Nasdaq:ADRX) ("Andrx" or the "Company"), between October 31, 2002 and March 4, 2003, inclusive (the "Class Period").
The action, numbered 03cv20593 is pending in the United States District Court, Southern District of Florida, located at Federal Courthouse Sq., 301 N. Miami Ave., Miami, FL 33128, against defendants ANDRX CORPORATION, RICHARD J. LANE, and ANGELO C. MALAHIAS. The case has been assigned to Judge Martinez. A copy of the Complaint is available from the Court or the Law Offices Bernard M. Gross, P.C. Please contact us by phone at 866-561-3600 (toll free) or by E-mail at susang@bernardmgross.com.
The Complaint charges Andrx Corporation, Richard J. Lane, Chief Executive Officer and Angelo C. Malahias, Senior Vice President and Chief Financial Officer with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5, by issuing a series of materially false and misleading statements to the market during the Class Period. Specifically, as alleged in the Complaint, throughout the class period, defendants issued positive statements about the Company's ability to obtain the approval of the Food and Drug Administration ("FDA") of Andrx's generic version of Wellbutrin SR, an antidepressant drug. On October 31, 2002, Andrx issued a press release stating that it was "continu(ing) to build inventories of (Wellbutrin SR) and other generic products prior to their launches." Andrx failed to disclose, however, that its version of the drug had a limited expiration date, and that if it were not marketed by year end 2002, or soon thereafter, the Company would be forced to write the value of that inventory off or at least establish a significant reserve for it. On March 5, 2003, Andrx stunned the market by announcing that it would record a $26.3 million charge in its fourth quarter 2002 results, related primarily to the Company's inventories of its generic Wellbutrin SR/Zyban. The Company's stock price dropped 31% from $11.51 on March 4 to $7.89 at the close on March 5, 2003 on heavy trading volumes. Plaintiff seeks to recover damages on behalf of Class members and is represented by the law firm of Law Offices Bernard M. Gross, P.C. which has significant experience and expertise in prosecuting class actions.
If you bought the securities of Andrx Corporation between October 31, 2002 and March 4, 2003 you may, no later than May 12, 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. If you wish to discuss this action or have any questions concerning this Notice or rights or interests with respect to these matters, please contact:
Law Offices Bernard M. Gross, P.C. Deborah R. Gross, Esquire Susan R. Gross, Esquire 1515 Locust Street, Second Floor Philadelphia, PA 19102 Telephone: 866-561-3600 (toll-free) or 215-561-3600 E-mail: susang@bernardmgross.com or debbie@bernardmgross.com. Website: http://www.bernardmgross.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.