STEVENSON, Md., April 17, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Wyeth ("Wyeth" or the "Company") (formerly NYSE: WYE) common stock during the period between July 21, 2008 and July 29, 2008, inclusive (the "Class Period").
If you purchased Wyeth common stock during the Class Period you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than June 11, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants trading on, and profiting from, material, non-public information related to disappointing clinical trial results for the drug bapineuzumab (AAB-001), an Alzheimer's disease treatment that was being jointly developed by Wyeth and Elan Corporation, plc, during the week before the presentation of the detailed results of the clinical trial at a July 29, 2008 conference. According to the complaint, defendants avoided approximately $40.4 million in losses on their long positions and secured a $16 million profit from the short positions opened the week before the July 29, 2008 disclosure of detailed results of the clinical trial for bapineuzumab, and investors buying Wyeth shares during that time were damaged under the Federal securities laws.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.