Kirby, McInerney & Squire LLP Announces Class Action Lawsuit on Behalf of Regeneron Investors -- REGN

New York, New York, UNITED STATES


NEW YORK, June 5, 2003 (PRIMEZONE) -- The law firm of Kirby McInerney & Squire, LLP 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 all purchasers of Regeneron Pharmaceuticals, Inc. (``Regeneron'' or the ``Company'') (Nasdaq:REGN) common stock during the period from March 28, 2000 to March 30, 2003, inclusive (the ``Class Period'').

Please visit our website, which offers summary and detailed information concerning the suit at http://www.kmslaw.com/new_cases/Regeneron/Regeneron.htm or contact us by phone at (888) 529-4787 or by email at emui@kmslaw.com for more information.

The action charges Regeneron and certain of its senior officers with violations of Sections 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934. The alleged violations stem from the dissemination of false and misleading statements, which had the effect -- during the Class Period -- of artificially inflating the price of Regeneron's shares.

Regeneron issued a series of material misrepresentations to the market concerning the Company's financial condition during the Class Period. Specifically, Regeneron failed to disclose: 1) that the Company knew that AXOKINE had immunogenicty problems such that patients developed antibodies to AXOKINE after continued use; (2) that the Company knew of this fact and manipulated its clinical results to portray that AXOKINE did not cause significant amounts of clinical patients rejecting the drug; (3) that the Company's account of AXOKINE published in PNAS failed to provide an accurate portrayal of the effects of the drug; (4) that the Company sought to suppress the immunogenicty problems that were associated with it by developing a pegylated version of AXOKINE; (5) that the Company knew that AXOKINE's effect on clinical patients were similar to the effects of prescription obesity drugs that were already on the market; and (6) that the overall magnitude of the weight loss from AXOKINE was small; a fact that was manipulated by defendants in its published clinical results. When this news hit the market on March 31, 2003, Regeneron share price fell from $17.31 to $7.52.

Kirby McInerney & Squire, LLP has specialized in complex litigation, including securities class actions, for several decades. 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 http://www.kmslaw.com.

If you are a member of the class described above, you may, no later than July 1, 2003, 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, you can contact:


 Ira M. Press, Esq.
 Elaine Mui
 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: emui@kmslaw.com

More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca



        

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