PHILADELPHIA, Oct. 11, 2005 (PRIMEZONE) -- Law Offices Bernard M. Gross, P.C. (http://www.bernardmgross.com) announces that a class action lawsuit, numbered 05-61640, was commenced in the United States District Court for the Southern District of Florida, before the Honorable William P. Dimitrouleas, on behalf of purchasers of Andrx Corp. ("ANDRX" or the "Company") (Nasdaq:ADRX) common stock during the class period between March 9, 2005 and September 5, 2005 who have been damaged thereby.
The action is pending against defendants Andrx Corp. and Thomas Rice, Chief Executive Officer of the Company. A copy of the Complaint is available from the Court or can be viewed on the Law Offices Bernard M. Gross, P.C. website at www.bernardmgross.com.
The Complaint charges defendants with violations of the Securities Exchange Act of 1934. The Complaint alleges that defendants were aware of and failed to disclose the fact that their manufacturing facilities did not comply with all applicable good manufacturing practices ("cGMP") regulations and that Andrx was facing serious regulatory sanctions as a result of its cGMP violations including a sanction that would preclude the Food and Drug Administration ("FDA") approval of Andrx's pending and future drug applications. On September 6, 2005, defendants shocked the market when they announced that the FDA had recently placed a halt on approving Andrx's drug applications. In response to this press release, Andrx stock dropped from a closing price of $17.94 on September 5, 2005 to $14.89 on September 6, 2005 on heavy trading volume.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Law Offices Bernard M. Gross, P.C. which has significant experience and expertise in prosecuting class actions.
If you purchased common stock of Andrx Corp. during the period March 9, 2005 to September 5, 2005, you may no later than, December 12, 2005 move the Court to serve as lead plaintiff of the Class, if you so choose. In order 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 rights or interests with respect to these matters,
PLEASE CONTACT: Law Offices Bernard M. Gross, P.C.
Susan R. Gross, Esq.
Deborah R. Gross, Esq.
The Wanamaker Bldg
100 Penn Sq. East, Suite 450
Philadelphia, PA 19103
Telephone: 866-561-3600 (toll free)
or 215-561-3600
E-mail: susang@bernardmgross.com
or debbie@bernardmgross.com
Website: http://www.bernardmgross.com
Please be advised that motions for Lead Plaintiff must be filed on Monday, October 17, 2005 in lawsuits alleging violations of the federal securities laws by (1) Arbinet-thexchange (Nasdaq:ARBX) on behalf of purchasers traceable to the December 16, 2004 Initial Public Offering and (2) ATI Technologies, Inc.(Nasdaq:ATYT) on behalf of purchasers during the class period of October 7, 2004 through June 23, 2005. Please contact the Law Offices Bernard M. Gross, P.C., if you have any questions.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.