NEW YORK, May 31, 2002 (PRIMEZONE) -- The law firm of Kirby McInerney & Squire, LLP reports that on May 30, 2002 the United States Court of Appeals for the Third Circuit reversed the dismissal of a securities fraud class action filed against Roche Holding Ltd. (Pink Sheets:RHHBY), brought on behalf of ADR purchasers during the period December 3, 1996 through May 20, 1999 ("class period") The lawsuit alleges that the trading prices for Roche Holding ADRs were artificially inflated by false and/or misleading statements concerning the competitive market for certain Roche products. The truth became known in May 1999 when Roche Holding's primary subsidiary as well as a Roche Holding officer pled guilty to participation in a price fixing conspiracy in violation of U.S. antitrust laws.
The court of appeals found that plaintiff adequately pled reliance upon Roche Holding's misrepresentations, and rejected the contention that Roche Holding, a Swiss corporation, is not amenable to personal jurisdiction in the United States for claims filed by purchasers of ADRs.
Kirby McInerney & Squire specializes in complex litigation, including securities class actions. The firm's efforts on behalf of shareholders have resulted in recoveries totaling hundreds of millions of dollars and the firm's achievements and its quality of service had been noted in many public decisions.
If you have any questions concerning the foregoing, you can contact the firm as set forth below or visit the firm's website at www.kmslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca