NEW YORK, Nov. 3, 2005 (PRIMEZONE) -- Murray, Frank & Sailer LLP has filed a class action lawsuit in the United States District Court for the District of New Jersey on behalf of purchasers of Barrier Therapeutics, Inc. ("Barrier") (Nasdaq:BTRX)(Berlin:BTRX)(Berlin:BXE) common stock during the period between April 29, 2004 and June 29, 2005 (the "Class Period"). Shareholders who purchased Barrier stock in the Initial Public Offering ("IPO") on April 29, 2004 and/or in its Secondary Offering on February 9, 2005 are also included in this class action. Murray, Frank & Sailer LLP is seeking to pursue remedies under the Securities Exchange Act of 1934 and the Securities Act of 1933 against defendants Barrier Therapeutics, Inc., Geert Cauwenbergh, Anne M. Vanlent and Charles T. Nomides.
Barrier is a biopharmaceutical company, engaged in the discovery, development, and commercialization of pharmaceutical products in the field of dermatology. The complaint alleges that Barrier made a series of materially false and misleading statements concerning the Company's business and products under development. In particular, the Complaint alleges that these statements were materially false and misleading because they failed to disclose and misrepresented the following adverse facts: (i) that the Company had failed to perform its clinical trials in conformity with FDA guidelines as they had failed to disclose that they had secretly substituted the petroleum base within Zimycan, the effect of which was to substantially lessen the likelihood that the drug could achieve FDA approval; (ii) that Hyphanox did not have a better safety or efficacy profile than fluconazole/Diflucan and, in fact, as investors ultimately learned, Hyphanox was significantly less effective than fluconazole/Diflucan; and (iii) as a result of the foregoing, defendants lacked any reasonable basis for their positive statements concerning the marketability of Zimycan and Hyphanox.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than fifteen years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired Barrier securities on any exchange between April 29, 2004 and June 29, 2005 or purchased Barrier stock in the IPO on April 29, 2004 and/or in its Secondary Offering on February 9, 2005, and sustained damages, you may, no later than December 12, 2005, move the Court to serve as lead plaintiff. Shareholders outside the United States may also join the action, regardless of which exchange was used to purchase the securities. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action as lead plaintiff online at http://www.murrayfrank.com/CM/NewCases/NewCases.asp. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff's counsel Eric J. Belfi or Christopher S. Hinton of Murray, Frank & Sailer LLP.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca