NEW YORK, Dec. 18, 2006 (PRIME NEWSWIRE) -- Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com) ("Pomerantz") would like to remind investors of Warner Chilcott Limited ("Warner Chilcott" or the "Company") (Nasdaq:WCRX) that the deadline is January 2, 2007, to ask the Court to appoint you as Lead Plaintiff. Pomerantz filed a class action lawsuit in the United States District Court Southern District of New York, against the Company and certain officers, on behalf of purchasers of the common stock of the Company during the period from September 20, 2006 through September 26, 2006, inclusive (the "Class Period"). The complaint alleges violations of the Securities Act of 1933.
Warner Chilcott is engaged in the development, manufacture, sale and marketing of branded prescription pharmaceutical products in women's healthcare and dermatology, primarily in the United States. The Company is organized under the laws of Bermuda. The complaint alleges that the Registration Statement issued in connection with the initial public offering ("IPO") of Warner Chilcott common stock, which took place on or about September 20, 2006, contained untrue statements of material facts and was not prepared in accordance with the rules and regulations governing its preparation. Specifically, the complaint alleges that the Registration Statement failed to disclose that at the time of the IPO, the Company had stopped shipping one of its key products, Ovcon 35, a birth control pill, and began the process of transitioning to Ovcon 35 FE or Ovcon Chewable. As a result, following the IPO, the Company would not be selling Ovcon 35 in meaningful quantities and revenues from sales revenue immediately decline.
On September 26, 2006, Warner Chilcott announced developments in a lawsuit brought against it by the Federal Trade Commission and filed a supplement to the Registration Statement in which it disclosed that, among other things, it had ceased shipments of Ovcon 35 in September 2006 when it launched Ovcon Chewable. In response to these disclosures the price of Warner Chilcott common stock dropped from $15.00 per share to $12.60 per share on extremely heavy trading volume.
Shareholders outside the United States may also join the action, regardless of where they live or which exchange was used to purchase the securities. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Teresa L. Webb (tlwebb@pomlaw.com) or Carolyn S. Moskowitz (csmoskowitz@pomlaw.com) of the Pomerantz Firm at 888.476.6529 (or 888.4-POMLAW), toll free. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Pomerantz Firm, which has offices in New York, Chicago and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 50 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. For more information about the Firm, visit our web site at www.pomlaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca