NEW YORK, May 21, 2002 (PRIMEZONE) -- Please take notice that the law firm of Kirby McInerney & Squire, LLP has commenced a class action lawsuit in the United States District Court for the Southern District of New York on behalf of all purchasers of DOV Pharmaceutical (Nasdaq:DOVP) common stock in or traceable to its initial public offering (the "Class").
A copy of the complaint is available from the Court or from Kirby McInerney & Squire. Please visit our Website, which offers summary and detailed information concerning the case at www.kmslaw.com/new_cases/dov.htm, or contact us by phone at (888) 529-4787 or by email at obraun@kmslaw.com.
The action charges DOV Pharmaceutical ("DOV"), certain of its officers and directors, and the lead underwriters of DOV's IPO, with violations of Sections 11 and 12 of the Securities Act of 1933. The violations, as the complaint alleges, stem from the issuance of allegedly misleading financial statements contained in DOV's IPO-related Registration Statement and Prospectus (the "Prospectus") that understated expenses arising from joint venture in Bermuda (DOV Bermuda Ltd.). The complaint alleges that DOV issued five million shares in its IPO on April 25, 2002 at $13 per share, but failed to timely inform the Class of the revision in its financial results. Consequently, as the complaint alleges, DOV investors experienced a two-fold surprise on April 25, 2002 when DOV shares began public trading: (i) investors discovered that DOV's previously-issued financial statements had been misleading; and (ii) investors witnessed DOV shares lose approximately 33% of their value in one day, falling from their offering price of $13.00 to close trading at $8.70 per share.
The action seeks to recover losses suffered by investors who purchased DOV shares in or traceable to DOV's IPO, excluding the defendants and their affiliates. Plaintiffs are represented by Kirby McInerney & Squire, LLP, which specializes in complex litigation, including securities class actions. The firm has repeatedly demonstrated its expertise in this field, and has been recognized by various courts which have appointed the firm to major positions in consolidated and multi-district litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling hundreds of millions of dollars, and its achievements and quality of service have been chronicled in numerous published decisions. More information about the firm, class actions in general or about the role of the lead plaintiff in a securities class action can be obtained through Kirby McInerney & Squire's Website at www.kmslaw.com.
If you are a member of the class described above, you may, no later than 60 days from the issuance of this notice, move the Court to serve as lead plaintiff of the class, if you so choose, pursuant to the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), 15 U.S.C. section 78u-4(a). A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to seek appointment as a lead plaintiff. For more information about the case, its claims, and your rights, please contact:
Ira M. Press, Esq. Orie Braun KIRBY McINERNEY & SQUIRE, LLP 830 Third Avenue, 10th Floor New York, New York 10022 Telephone: (212) 317-2300 or Toll Free (888) 529-4787 E-Mail: obraun@kmslaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca