ENGLEWOOD CLIFFS, N.J., July 29, 2009 (GLOBE NEWSWIRE) -- Gardy & Notis, LLP has filed a securities fraud class action lawsuit on behalf of all investors who purchased or otherwise acquired Genzyme Corporation ("Genzyme") (Nasdaq:GENZ) common stock between June 26, 2008 and July 21, 2009 (the "Class Period"). The lawsuit was filed in the United States District Court for the District of Massachusetts, and charges defendants Genzyme and Henri A. Termeer (President and CEO) with issuing a series of materially false and misleading statements in violation of Section 10(b) and 20(a) of the Securities Exchange Act and SEC Rule 10b-5.
The complaint alleges that defendants concealed deficiencies at two of its manufacturing facilities, which caused a shortage in one of its top-selling products (a drug called Myozyme) and delayed approval of a new formulation of that product (a drug known as Lumizyme). The manufacturing problems also forced Genzyme to halt production of two other top-selling products (drugs called Cerezyme and Fabrazyme) due to contamination at one of the manufacturing facilities.
On July 22, 2009, Genzyme slashed its earnings and revenue forecasts for 2009, including its revenue projections for Myozyme, Cerezyme and Fabrazyme, due to the impact of the facility shutdown. During the class period, Genzyme's stock has fallen over 35%, resulting in a loss of over $8 billion to investors.
Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased Genzyme securities between June 26, 2008 and July 21, 2009, excluding defendants and their affiliates. Plaintiff is represented by Gardy & Notis, LLP, a law firm with extensive experience in prosecuting class actions and actions involving corporate fraud.
If you purchased Genzyme securities between June 26, 2008 and July 21, 2009, you may, not later than 60 days from today, request that the Court appoint you as lead plaintiff for the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation, and you must meet certain legal requirements to serve as a lead plaintiff.
For more information regarding the lawsuit, or to obtain a copy of the complaint, please contact plaintiff's counsel, Charles A. Germershausen at Gardy & Notis, LLP, by telephone at 201-567-7377 or email to cgermershausen@gardylaw.com.