NEW YORK, August 1, 2003 (PRIMEZONE) -- Wechsler Harwood LLP today announced that a securities class action has been commenced on behalf of persons or entities who purchased or otherwise acquired the securities of InterMune, Inc. ("InterMune" or the "Company") (Nasdaq:ITMN) between October 24, 2002 and June 11, 2003, inclusive, (the "Class Period").
The case is pending in the United States District Court for the Northern District of California against defendants InterMune and certain of its officers. A copy of the complaint is available from the Court or can be viewed on Wechsler Harwood web site at: www.whesq.com.
The Complaint alleges that defendants made false and misleading statements concerning Actimmune, a leading product of the Company. In particular, the complaint alleges that defendants were aware that: (a) the number of patients anticipated by InterMune treated with Actimmune, related throughout the Class Period as a precise and valid means by which to record the level of strength of the demand for Actimmune, was "inherently" unreliable, inconsistent, and lacking in any accountable basis for presentation; (b) the Company's sales and marketing efforts had experienced disruptions and problems, including a great amount of turnover and lack of suitable training; (c) beginning with at least the fourth quarter of fiscal 2002, the Company was materially understating the inventory level its distributors held, of which millions of dollars worth was held in excess, and materially overstating its revenues; (d) InterMune's internal controls and systems were inadequate and insufficient; and (e) based on the foregoing, InterMune lacked reasonable basis to issue its financial and operational projections.
On June 11, 2003, the Company announced that it was lowering its 2003 revenue guidance figures and decreasing projected earnings from Actimmune. The Company also announced it had overstated the number of patients using Actimmune and that, contrary to its earlier representations, demand for Actimmune from doctors was flat. Following these disclosures the InterMune's stock price dropped to $16.74, a 33% one-day decline.
If you purchased InterMune securities during the Class Period, you may request that the Court appoint you as lead plaintiff by August 25, 2003. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.
Wechsler Harwood has taken a leading role in many important actions on behalf of defrauded shareholders. The Wechsler Harwood website (www.whesq.com) http://www.milberg.com, http://www.whhf.com, has more information about the firm and detailed information regarding this matter. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following:
Wechsler Harwood LLP 488 Madison Avenue, 8th Floor New York, New York 10022 Toll Free Telephone: (877) 935-7400 http://www.barrack.com/ Craig Lowther, Wechsler Harwood Shareholder Relations Department: clowther@whesq.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca