BENSALEM, Pa., Nov. 19, 2008 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith announces that it is investigating potential claims against PharmaNet Development Group, Inc. ("PharmaNet" or the "Company") (Nasdaq:PDGI), concerning possible securities violations in relation to certain public statements made by the Company between November 1, 2007 and April 30, 2008. The investigation focuses on allegations that the public statements made by PharmaNet during that period failed to disclose or indicate, among other things: (1) that certain drugs were showing a lack of efficacy in companion studies; (2) that biotech and pharmaceutical companies were increasingly deciding to cancel studies; and (3) that as a result, statements made by the Company and management during that period about the Company's business, operations, and prospects lacked a reasonable basis.
On April 30, 2008 PharmaNet announced that it was revising downward its previously issued revenue guidance for 2008. The Company explained that cancellations over the fourth quarter of 2007 and the first quarter of 2008 of approximately $59 million would negatively impact projected revenues for 2008 by approximately $30 million. On this news, PharmaNet's shares declined $6.76 per share, or 28.33 percent, to close on May 1, 2008 at $17.10 per share, on unusually heavy trading volume.
If you purchased PharmaNet's common stock between November 1, 2007 and April 30, 2008, or if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com.