NEW YORK, April 30, 2002 (PRIMEZONE) -- Rabin & Peckel LLP announced that a class action complaint has been filed in the United States District Court for the Northern District of Illinois, Eastern Division, case number 02-C-3046, on behalf of all persons or entities who purchased NeoPharm, Inc. ("Neopharm" or the "Company") common stock (Nasdaq:NEOL) between September 25, 2000 and April 19, 2002, both dates inclusive (the "Class Period"). NeoPharm, John N. Kapoor, James M. Hussey, and Aquilur Rahman are named as defendants in the action.
The Complaint alleges that defendants violated Section 10(b) and 20(a) of the Securities and Exchange Act of 1934 by issuing a series of materially false and misleading statements about the Company's experimental drug Liposome Encapsulated Paclitaxel ("LEP"). In particular, it is alleged that defendants made false and misleading statements concerning LEP's efficacy and clinical trials for FDA approval. The Complaint alleges that as a result of these false and misleading statements the price of NeoPharm common stock was artificially inflated throughout the Class Period causing plaintiff and the other members of the Class to suffer damages and enabling certain of the individual defendants to sell their shares at artificially inflated prices for proceeds in excess of $7 million.
Plaintiff is represented by the law firm of Rabin & Peckel LLP. Rabin & Peckel LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States. You can learn more information about Rabin & Peckel at www.rabinlaw.com.
If you purchased NeoPharm common stock during the Class Period described above, you may, no later than June 25, 2002, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.rabinlaw.com. If you wish to discuss this action further or have any questions concerning this announcement, or your rights or interests, please contact plaintiff's counsel, Eric Belfi or Sharon Lee, Rabin & Peckel LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.