LITTLE ROCK, Ark., April 26, 2002 (PRIMEZONE) -- The Emerson Firm, a securities class action trial law firm with offices in Houston, Texas and Little Rock, Arkansas, announced today that a class action has been filed in the United States District Court for the Southern District of Florida on behalf of purchasers of Andrx Corporation (Nasdaq:ADRX) ("Andrx" or the "Company") common stock during the period between April 30, 2001 and February 21, 2002, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be obtained from the Emerson Firm.
The complaint charges that Andrx and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market during the Class Period, thereby artificially inflating the price of Andrx common stock. Specifically, the Complaint alleges that Andrx issued a series of statements concerning its generic version of the drug Tiazac(r) that the only thing holding up the drug from reaching the market was continuing patent litigation with Biovail Corp. in connection with Tiazac(r). The defendants failed to disclose that in fact, Andrx had difficulty making a stable version of generic Tiazac(r), including that it had amended its original application to the FDA thirteen times. When Andrx announced on February 21, 2002 that the FDA had raised "certain issues" concerning the generic Tiazac(r), Andrx's stock price dropped from $42.61 per share on February 21, 2002 to $34.96 per share on February 22, 2002, on volume of 15,767,100 -- over seven times the prior day's volume.
If you bought Andrx common stock between April 30, 2001 and February 21, 2002 inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than May 21, 2002. If you are a member of this class, you can join this class action by contacting The Emerson Firm. Any member of the purported class may move the Court to serve as lead plaintiff through The Emerson Firm or other counsel of their choice, or may choose to do nothing and remain an absent class member.
The Emerson Firm has substantial experience representing investors in securities fraud class action lawsuits such as this. In fact, the Firm was recently appointed by a Court in Houston to the Plaintiffs' Counsel Steering Committee prosecuting the Enron retirement plan litigation. The Firm represents investors throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.