NEW YORK, May 6, 2003 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the Southern District of New York on behalf of all purchasers of Regeneron Pharmaceuticals, Inc. ("Regeneron" or the "Company") (Nasdaq:REGN) securities between March 28, 2000 and March 30, 2003, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the clerk's office of the Court or can be obtained by calling Faruqi & Faruqi, LLP.
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 Regeneron's financial results and business prospects. The complaint alleges that Regeneron concealed adverse information from the investing public about its highly promoted diet drug, AXOKINE, which was expected to have more than $500 million in annual sales. Specifically, Regeneron concealed that: (a) the Company's Phase III clinical trail results of AXOKINE were falsely spun to portray a favorable outcome; (b) users of the AXOKINE drug in clinical trials developed antibodies to its use after three months, which made the medicine less effective; and (c) that the Company used limited safety and tolerability data to allay concerns about antibody formation. As a result, the price of the Company's common stock was artificially inflated throughout the Class Period, allowing certain Regeneron insiders to sell over $430 million worth of personally held Regeneron stock. On March 31, 2003, however, the Company shocked the market by admitting AXOKINE lost effectiveness in about 70% of patients in the study. On this news, the Company's shares plunged 57%, resulting in a market cap loss of more than $500 million.
Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased or otherwise acquired Regeneron securities between March 28, 2000 and March 30, 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 Regeneron securities during the Class Period, you may, not later than July 1, 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 your rights or interests, please contact:
ANTHONY VOZZOLO, ESQ. FARUQI & FARUQI, LLP 320 East 39th Street New York, NY 10016 Telephone: (877) 247-4292 or (212) 983-9330 e-mail: Avozzolo@faruqilaw.com TICKER: NASDAQ: REGN
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca