BALA CYNWYD, Pa., April 18, 2003 (PRIMEZONE) -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Northern District of California on behalf of all purchasers of the common stock of Super Gen, Inc. ("SuperGen" or the "Company") (Nasdaq:SUPG) from April 18, 2000 through March 14, 2003, inclusive (the "Class Period").
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.
The complaint charges defendants with violations of the Securities and Exchange Act of 1934. More specifically, the complaint alleges that defendants issued materially false and misleading statements and failed to disclose that (1) the efficacy of MitoExtra(tm) was exaggerated; (2) the drug had significant risks associated with its use; (3) that its "Extra" technology platform did not create "improved generics or supergenerics;" (4) that the Company submitted no data to support its claim that MitoExtra(tm) is superior to existing cancer drugs; and (5) that the name "MitoExtra(tm)" was rejected by the FDA. Such materially false and misleading statements caused the Company's stock to trade at artificially inflated prices during the Class Period and caused damages to the Class Members.
On March 14, 2003, the U.S. Food and Drug Administration ("FDA") announced a warning to the public concerning SuperGen's cancer drug, Mitozytrex. At the heart of the FDA's warning was that SuperGen marketed Mitozytrex to the public with exaggerations about the efficacy of Mitozytrex and without advising the public of the significant risks associated with the use of the drug. The FDA also took issue with SuperGen's characterization that its "Extra" technology platform did not create "improved generics or supergenerics," as previously claimed by the Company. Market reaction to these revelations was swift. Immediately following the announcement, shares of the Company fell from $3.09 to a Class Period low of $2.55 with an unusually high trading volume of 1,712,400 shares.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com/currentcases.cfm.
If you are a member of the class described above, you may, not later than June 13, 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.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.