NEW YORK, Jan. 12, 2004 (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 District of Massachusetts on behalf of all purchasers of Biopure Corporation ("Biopure" or the "Company") (Nasdaq:BPUR) securities during the period from March 17, 2003 through December 24, 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/Biopure/Biopure.htm, or contact us by phone at (888) 529-4787 or by e-mail at, emui@kmslaw.com, for more information.
The action charges Biopure 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 Biopure's shares.
Investors allege that Biopure and certain of its officers disseminated materially false and misleading statements and/or concealing material adverse facts. The scheme: (i) deceived the investing public regarding Biopure's business, operations, management and the intrinsic value of Biopure common stock; (ii) allowed the Company to sell its common shares generating millions of dollars in proceeds (iii) enabled the Individual Defendants and other insiders to sell significant amounts of their personally-held shares of Biopure common stock at artificially inflated prices; and (iv) caused members of the Class to purchase Biopure securities at artificially inflated prices.
Kirby McInerney & Squire, LLP, which represents Biopure investors, 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 March 1, 2004 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:
More information on this and other class actions can be found on the Class Action Newsline at, www.primezone.com/ca .