LOS ANGELES, Nov. 18, 2003 (PRIMEZONE) -- Notice is hereby given that Glancy & Binkow LLP commenced a Class Action lawsuit in the United States District Court for the Northern District of California on behalf of a class (the "Class") consisting of all persons who purchased securities of Gilead Sciences, Inc. ("Gilead" or the "Company") (Nasdaq:GILD) between July 14, 2003 and October 28, 2003, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy & Binkow LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9161 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges Gilead and certain of the Company's executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' dissemination of materially false and misleading statements concerning Gilead's financial performance caused the Company's stock price to become artificially inflated, inflicting damages on investors. Gilead is a biopharmaceutical company that discovers, develops and commercializes therapeutics for the treatment of patients suffering from life-threatening diseases. The complaint alleges that during the Class Period defendants issued a series of materially false and misleading statements which, among other things, misrepresented that: (1) Gilead was aware that its revenue was not increasing due to sales of its HIV drug Viread; (2) the Company was aware that Viread sales had only increased because customers bought an excessive amount of the drug before July 27, 2003, in an attempt to avoid a scheduled price increase; (3) Gilead was aware that this over-buying accounted for $33-$37 million of Viread sales -- not the $25-$30 million Gilead originally purported; (4) Gilead was aware that over-buying would decrease projected revenue in the future, but did not disclose this; and (5) as a result of the foregoing, defendants lacked a reasonable basis for their revenue projections for the Company.
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.
If you are a member of the Class described above, you may move the Court, not later than January 12, 2004, 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 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 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca