NEW YORK, Nov. 21, 2003 (PRIMEZONE) -- Notice is hereby given that a securities class action lawsuit was filed in the United States District Court for the Northern District of California on behalf of purchasers of Gilead Sciences, Inc. ("Gilead" or the "Company")(Nasdaq:GILD) securities, between July 14, 2003 and October 28, 2003, inclusive (the "Class Period").
If you purchased Gilead securities during the Class Period, you may, no later than January 12, 2004, move the court to serve as a lead plaintiff, provided you meet certain legal requirements. To serve as a Lead Plaintiff, you will be required to sign the Certification, as provided on our website at www.nyclasslaw.com/join.html.
The Complaint alleges that defendants 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 between July 14, 2003 and October 28, 2003. Due to these misrepresentations, the price of Gilead securities became artificially inflated. Specifically, defendants failed to disclose that: 1) The Company was aware that its revenue was not increaseing due to sales of its drug Viread; 2) The Company was aware that Viread sales had only increased because wholesalers bought an excessive amount of the drug before July 27, 2003, in an attempt to avoid the price increase scheduled for July 27, 2003; 3) The Company was aware that its wholesalers' over-buying of Viread, to avoid the price increase, accounted for $33 to $37 million, not the $25 to $30 million that Gilead originally purported; and 4) The Company was aware that the wholesaler over-buying would decrease projected revenue in the future.
On October 28, 2003, Gilead announced that sales of Viread in the third quarter 2003 would be less than expected due to an inventory buildup by wholesalers. As a result the Company's stock fell 12% or $7.46 per share from a high of $59.46 per share on October 28, 2003 to close at $52.00 per share on October 29, 2003. Plaintiff seeks to recover damages on behalf of all purchasers or acquirers of Gilead securities during the Class Period. Plaintiff is represented in this class action by the law firm of Bull & Lifshitz, LLP. Bull & Lifshitz, LLP has extensive experience in litigating investor class actions. For more information regarding Bull & Lifshitz, LLP, please visit our website at www.nyclasslaw.com.
For an information package please view www.nyclasslaw.com/infopackage.html. If you wish to discuss this action or have any questions concerning this notice of your rights or interests with respect to this matter, please contact Peter D. Bull, Esq. or Joshua M. Lifshitz, Esq., Bull & Lifshitz, LLP via telephone at (212) 213-6222, via fax at (212) 213-9405 or by email at counsel@nyclasslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.