NEW YORK, Dec. 14, 2004 (PRIMEZONE) -- Roy Jacobs & Associates will amend its class action lawsuit previously filed to include purchasers of GeoPharma, Inc. (Nasdaq:GORX) securities on both December 1, 2004 and December 2, 2004.
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 of representations that GeoPharma, a pharmaceuticals company, was engaged in the development of a "patent-pending" drug for the treatment of oral inflammation suffered by cancer patients known as mucositis. 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, but sharply declined after questions were raised about Muctrol's status as a "drug." On December 2, 2004, GeoPharma issued a press release claiming "confusion" and announced that the Company would hold a briefing after the close of the securities markets. It was then conceded by the Company that Mucotrol was a "device," not a drug. GeoPharma shares which closed at $7.37 on December 2, 2004 dropped to $5.46 on December 3, 2004 and have continued to decline.
If you purchased GeoPharma securities on December 1, 2004, or December 2, 2004, you may qualify to serve as Lead Plaintiff on behalf of 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 actions can be found on the Class Action Newsline at www.primezone.com/ca.