BALA CYNWYD, Pa., June 4, 2003 (PRIMEZONE) -- Law offices of Brodsky & Smith, LLC today announces that a securities class action lawsuit has been filed on behalf of shareholders who purchased the common stock and other securities of Regeneron Pharmaceuticals, Inc.("Regeneron" or the "Company") (Nasdaq:REGN) between March 28, 2000 and March 30, 2003, inclusive (the "Class Period"). The class action lawsuit was filed in the United States District Court for the Southern District of New York.
The Complaint alleges that defendants violated Federal Securities laws by issuing a series of material misrepresentations to the market between March 28, 2000 and March 30, 2003, thereby artificially inflating the price of Regeneron securities. Specifically, the Complaint alleges that defendants issued a series of materially false and misleading statements concerning the Company's weight loss drug AXOKINE and its effectiveness in treating obese patients.
On March 31, 2003, Regeneron admitted AXOKINE lost effectiveness in about 70% of patients in a study. News of the Company's announcement shocked the markets. On March 31, 2003, Regeneron's stock fell from $17.31 per share to $7.52 per share, on unusually high trading volume.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Regeneron stock between March 28, 2000 and March 30, 2003, you have certain rights. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you want to discuss your legal rights, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Marc L. Ackerman, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca