NEW YORK, Dec. 10, 2004 (PRIMEZONE) -- Roy Jacobs & Associates filed a class action lawsuit on December 2, 2004, in the United States District Court for the Southern District of New York on behalf of all purchasers who, on December 1, 2004, purchased GeoPharma, Inc. (Nasdaq:GORX) securities. The lawsuit was filed against GeoPharma, Inc. ("GeoPharma" or "the Company), and its President, Kotha Sekharam.
For further information you may call toll free, 888-884-4490, or contact Roy Jacobs & Associates by e-mail by writing to classattorney@pipeline.com.
The action arises out representations that GeoPharma, a pharmaceuticals company, was engaged in the development of a "patent-pending" drug for the treatment of oral inflammation, known as mucositis, suffered by cancer patients. The product was dubbed Mucotrol. On December 1, 2004, GeoPharma announced that Mucotrol had been approved by the FDA. On this news, GeoPharma shares shot up on heavy volume, reaching $11.25 per share. Shortly thereafter, however, investigative journalists uncovered that the FDA had not approved any such drug. It was then conceded by the Company that Mucotrol was a "device", not a drug. This is a material difference. Nor was it the case that Mucotrol contained any medicinal ingredients at all. GeoPharma's sales projections were also called into question. On these revelations, GeoPharma shares sharply declined, causing significant damages to shareholders.
If you purchased GeoPharma securities on December 1, 2004, you may qualify to serve as Lead Plaintiff on behalf of the Class, which consists of all persons and entities who purchased GeoPharma securities on December 1, 2004 (the "Class"). You are not required to have sold your GeoPharma securities in order to claim damages, or to serve in this role.
Please feel free to contact Roy L. Jacobs to discuss the pending action, and your rights in this matter.
More information on this and other class action lawsuits can be found on the Class Action Newsline at www.primezone.com/ca.