LITTLE ROCK, Ark., Dec. 19, 2001 (PRIMEZONE) -- The Law Firm of Cauley Geller Bowman & Coates, LLP announced today that a class action has been filed in the United States District Court for the Southern District of Florida on behalf of purchasers of Noven Pharmaceuticals, Inc. ("Noven" or the "Company") (Nasdaq:NOVN) publicly traded securities during the period between March 27, 2001 and November 1, 2001, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be viewed on the firm's website at http://www.classlawyer.com/pr/noven.pdf.
The complaint charges Noven and certain of its officers and directors with issuing a series of material misrepresentations to the market before and during the Class Period, thereby artificially inflating the price of Noven securities. Throughout the Class Period, the Company publicly touted two of its women's hormone replacement products and represented that sales of these agents would be substantial. These statements, as alleged in the complaint, were materially false and misleading because by November 13, 2000, defendants knew that Novartis Pharma AG ("Novartis"), its exclusive marketing agent in Europe, was not aggressively marketing Noven's two hormone drugs, and that Novartis was instead marketing its own competing drug, Estraderm. On August 2, 2001, Noven issued a press release which only partially revealed the truth, stating that sales to Novartis were weaker than analysts and investors had been led to believe. In response, Noven's stock price plunged by 43%, to close at $18.98 on August 3, 2001. Subsequently, on November 1, 2001, Noven issued a press release which revealed, for the first time, that Novartis had its own hormone-replacement system and would not be converting to Noven's product, that Novartis had excess inventories of Noven's products and that, as a result, Noven's European sales would decline substantially in the fourth quarter of 2001 and 2002. In response to this announcement, Noven's stock price fell by 33% to $14.89.
If you bought Noven securities between March 27, 2001 and November 1, 2001 inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than January 7, 2002. If you are a member of this class, you can join this class action online at http://www.classlawyer.com/sign_up.html. Any member of the purported class may move the Court to serve as lead plaintiff through Cauley Geller Bowman & Coates, LLP or other counsel of their choice, or may choose to do nothing and remain an absent class member.
Cauley Geller Bowman & Coates, LLP has substantial experience representing investors in securities fraud class action lawsuits such as this. The firm has offices in Florida, Arkansas and California, but represents investors throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's website at www.classlawyer.com.
CAULEY GELLER BOWMAN & COATES, LLP Investor Relations Department: Jackie Addison, Sue Null or Shelly Nicholson P.O. Box 25438 Little Rock, AR 72221-5438 Toll Free: 1-888-551-9944 E-mail: info@classlawyer.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.