PHILADELPHIA, March 14, 2003 (PRIMEZONE) -- The law firm of Spector, Roseman & Kodroff, P.C. announces that a securities class action lawsuit was commenced in the United States District Court for the Eastern District of Tennessee, Northern Division, on behalf of purchasers of the common stock of King Pharmaceuticals, Inc. ("King Pharmaceuticals" or the "Company") (NYSE:KG) between February 16, 2000 through March 10, 2003, inclusive (the "Class Period").
The Complaint alleges that defendants violated the federal securities laws by issuing materially false and misleading statements contained in press releases and filings with the Securities and Exchange Commission, including the Registration Statement and Prospectus in connection with the Company's acquisition of Jones Pharma, Inc. during the Class Period. Specifically, the Complaint alleges that defendants issued statements regarding the Company's financial performance and future prospects and the strong demand for its branded pharmaceutical products, notably Altace and Levoxyl. The Complaint further alleges that the Company failed to disclose: that certain of its rebate and pricing practices subjected it to heightened governmental scrutiny; that the Company had understated the level of generic competition for Levoxyl; and that the Company had engaged in questionable sales to VitaRx and Prison Health Services during 1999 and 2000.
On March 11, 2003, King Pharmaceuticals announced unexpectedly that it was the subject of an SEC investigation for its pricing and rebate practices. As a result of this announcement, the price of King Pharmaceuticals common stock declined to $12.17 per share from $15.90 per share.
If you purchased King Pharmaceuticals securities during the Class Period, you may, no later than May 12, 2003, move to be appointed as a Lead Plaintiff in this class action. A Lead Plaintiff is a representative, chosen by the Court, that acts on behalf of other class members in directing the litigation. The Private Securities Litigation Reform Act of 1995 directs Courts to assume that the class member(s) with the "largest financial interest" in the outcome of the case will best serve the class in this capacity. Courts have discretion in determining which class member(s) have the "largest financial interest," and have appointed Lead Plaintiffs with substantial losses in both absolute terms and as a percentage of their net worth.
If you have sustained substantial losses in King Pharmaceuticals securities during the Class Period, please contact Spector, Roseman & Kodroff, P.C. at classaction@srk-law.com for a more thorough explanation of the Lead Plaintiff selection process. If you have relatively small losses, your ability to participate in any recovery will be protected by the Lead Plaintiff(s), and you need take no affirmative steps at this time.
If you wish to join this action, please visit http://www.srk-law.com/dbjoinaclassaction.asp. If you would like to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel Robert M. Roseman toll-free at 888-844-5862 or via E-mail at classaction@srk-law.com. For more detailed information about the firm please visit its website at http://www.srk-law.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania and San Diego, California, concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract and commercial claims. The firm is active in major litigation pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions involving violations of the federal securities laws and the federal antitrust laws, and consumer fraud . As a result of the efforts of the firm, and its members, hundreds of millions of dollars have been recovered on behalf of thousands of defrauded shareholders and companies.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.