Glancy Binkow & Goldberg LLP, Representing Investors Who Purchased Barrier Therapeutics, Inc., Announces Class Action Lawsuit and Seeks to Recover Losses


LOS ANGELES, Nov. 15, 2005 (PRIMEZONE) -- Notice is hereby given by Glancy Binkow & Goldberg LLP that a Class Action lawsuit was filed in the United States District Court for the District of New Jersey on behalf of a class (the "Class") consisting of all persons or entities who purchased or otherwise acquired securities of Barrier Therapeutics, Inc. ("Barrier" or the "Company")(Nasdaq:BTRX), between April 29, 2004 and June 29, 2005 (the "Class Period"), including those who purchased the common stock of Barrier pursuant and/or traceable to the Company's Initial Public Offering on April 29, 2004 and/or its Secondary Offering on February 9, 2005.

A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action, or to obtain a copy of the Complaint, at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.

The Complaint charges Barrier and certain of the Company's executive officers with violations of federal securities laws. Barrier is a biopharmaceutical company engaged in the discovery, development and commercialization of pharmaceutical products in the field of dermatology. The Complaint alleges defendants made a series of materially false and misleading statements concerning the Company's business and products under development. Specifically, Plaintiff claims that defendants' statements were materially false and misleading because they failed to disclose and misrepresented the following adverse facts: (i) the Company had failed to perform its clinical trials in conformity with FDA guidelines as it had failed to disclose that it had secretly substituted the petroleum base within Zimycan -- a treatment for diaper rash dermatitis -- the effect of which was to substantially lessen the likelihood that the drug could achieve FDA approval; (ii) Barrier's Hyphanox, developed for the treatment of fungal infections, did not have a better safety or efficacy profile than fluconazole (brand name, Diflucan) -- a widely prescribed antifungal agent -- and, in fact, as investors ultimately learned, Hyphanox was significantly less effective than fluconazole; and (iii) as a result of the foregoing, defendants lacked any reasonable basis for their positive statements concerning the marketability of Hyphanox and Zimycan.

On June 29, 2005, defendants shocked the market when Barrier announced that the Company's Phase 3 clinical trials failed to demonstrate that Hyphanox worked as well as fluconazole. The next day, based on the huge disparity between defendants' prior guidance and the realization that Hyphanox failed to work as well as fluconazole, shares of the Company's stock plummeted more than $6.75 per share -- a decline of more than 45% -- to below $8.00 per share on June 30, 2005, on volume of more than four million shares traded -- 20 times the Company's daily average trading volume.

Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.

If you are a member of the Class described above, you may move the Court, not later than December 12, 2005, 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 your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.

More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca



            

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