LOS ANGELES, June 6, 2003 (PRIMEZONE) -- Glancy & Binkow LLP -- representing shareholders of Pharmacia Corporation - announces 4 days remaining to move to be a lead plaintiff in the shareholder lawsuit. All persons and institutions who purchased securities of Pharmacia Corporation ("Pharmacia" or the "Company") (NYSE:PHA) between April 17, 2000 and August 22, 2001, inclusive (the "Class Period"), may move the Court not later than June 10, 2003, to serve as lead plaintiff, however, you must meet certain legal requirements.
If you wish to receive a copy of the Complaint, or have any questions concerning your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy & Binkow LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161, Toll Free at (888) 773-9224, or e-mail to info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges Pharmacia and certain of its executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and the dissemination of materially false and misleading statements concerning Pharmacia's business operations and prospects caused the price of Pharmacia's securities to become artificially inflated, inflicting damages on investors. Pharmacia is primarily involved in the development, manufacturing and sale of pharmaceutical products. The complaint alleges that during the Class Period defendants marketed Celebrex - a once-daily prescription medication that provides powerful, 24-hour relief from arthritis - as a new type of drug that, unlike aspirin or ibuprofen, retarded pain and inflammation without the adverse side effects of ulcers or gastrointestinal bleeding. Along with Pfizer, Inc., which funded the clinical study, Pharmacia trumpeted the results of the "Celecoxib Long-term Arthritis Safety Study," which compared the gastrointestinal problems of patients who used Celebrex with patients who used other nonsteroidal anti-inflammatory drugs and found that Celebrex caused fewer gastrointestinal problems than traditional drugs, such as ibuprofen. The complaint alleges that the study was flawed because the Company manipulated the results - by not including in the final analysis all of the data collected through the entire duration of the study - to show that Celebrex was safer for the stomach and digestive tract than conventional drugs. During the Class Period, the Company failed to make adequate disclosures concerning this study and used this study in their continuing efforts to have the Food and Drug Administration remove the warning label from Celebrex.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca