SPARTA, N.J., June 14, 2005 (PRIMEZONE) -- The following statement was issued today by the Law Offices of Leo W. Desmond:
A securities class action has been commenced on behalf of shareholders who acquired Able Laboratories, Inc. (Nasdaq:ABRX) securities between October 31, 2002 and May 18, 2005, inclusive (the "Class Period").
If you purchased Able Laboratories, Inc. securities between October 31, 2002 and May 18, 2005, you may, not later than July 22, 2005, move the court to serve as a lead plaintiff of the class action seeking to recover damages on behalf of all similarly-situated purchasers of Able Laboratories, Inc. securities, excluding the defendants and their affiliates.
No class has yet been certified in the above actions. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased stock during the class period, you have a right to become involved as a plaintiff but are not required to do so to recover damages.
In order to serve as a lead plaintiff, you must meet certain legal requirements. If you were a purchaser of the common stock of Able Laboratories, Inc. during the class period, you may call the Law Offices of Leo W. Desmond who will, without obligation or cost to you, attempt to answer your questions and concerns. You may contact the Law Offices of Leo W. Desmond at Thirteen Main Street., Suite Four, Sparta, New Jersey 07871, by calling toll free at 888-337-6663, by e-mail at Information@SecuritiesAttorney.com, or by visiting its website at http://www.SecuritiesAttorney.com.
The case is pending in the United States District Court for the District of New Jersey against Able Laboratories, Inc.
It is alleged that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10(b)(5) promulgated thereunder, by issuing a series of materially false and misleading statements to the market throughout the Class Period which statements had the effect of artificially inflating the market price of the Company's securities.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.