Gilead Sciences, Inc., Target of Investor Class Action Filed by Wechsler Harwood LLP -- GILD


NEW YORK, Dec. 1, 2003 (PRIMEZONE) -- The Law Firm of Wechsler Harwood LLP announced today that a class action lawsuit has been filed on behalf of all purchasers of publicly traded securities of Gilead Sciences, Inc. ("Gilead" or the "Company") (Nasdaq:GILD) from July 14, 2003 through October 28, 2003, inclusive (the "Class Period").

The action, entitled Martin v. Gilead Sciences, Inc., et al, 03-CV---(MJJ), is pending in the United States District Court for the Northern District of California against Gilead and certain of its senior officers and directors. A copy of the complaint is available from the Court or can be viewed on the firm's website at www.whesq.com.

The complaint alleges that defendants Gilead, John C. Martin, John F. Milligan, Mark L. Perry, Norbert W. Bischofberger, Anthony Carraciolo, and William A. Lee violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between July 14, 2003 through October 28, 2003. More specifically, the complaint alleges that the defendants' statements were materially false and misleading because they failed to disclose and/or misrepresented the following adverse facts: (1) that Gilead was aware that its revenue was not increasing due to sales of its drug Viread; (2) that Gilead was aware that Viread sales had only increased because wholesalers bought an excessive amount of the drug before July 27, 2003 in an attempt to avoid the price increase scheduled for July 27, 2003; (3) that Gilead was aware that its wholesalers' over-buying of Viread to avoid the price increase accounted for $33 to $37 million, not the $25 to $30 million that Gilead originally purported; and (4) that Gilead was aware that the wholesaler over-buying would decrease projected revenue in the future.

On October 28, 2003, Gilead announced that sales of Viread in the third quarter 2003 would be less than expected due to an inventory buildup by wholesalers. The market reacted swiftly to this news, with the Company's stock falling 12%, or $7.46 per share from a high of $59.46 per share on October 28, 2003 to close at $52.00 per share on October 29, 2003.

If you purchased Gilead publicly traded securities during the Class Period, you may, no later than January 12, 2004, move to be appointed as a lead plaintiff in this class action. 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. You may retain Wechsler Harwood or other counsel of your choice to serve as your counsel in this action.

Wechsler Harwood has taken a leading role in many important actions on behalf of defrauded shareholders and has recovered hundreds of millions of dollars in those efforts. The Wechsler Harwood website (www.whesq.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, NY 10022
Toll Free Telephone: (877) 935-7400 

More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.



            

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