Glancy & Binkow LLP, Representing Shareholders of King Pharmaceuticals, Inc., Announces Update to Shareholder Lawsuit -- KG


LOS ANGELES, April 25, 2003 (PRIMEZONE) -- Glancy & Binkow LLP, representing shareholders of King Pharmaceuticals, Inc., announces 17 days remaining to move to be a lead plaintiff in the shareholder lawsuit. All persons and institutions who purchased securities King Pharmaceuticals, Inc. ("King Pharmaceuticals" or the "Company") (NYSE:KG) between April 26, 1999 and March 11, 2003, inclusive (the "Class Period"), may move the Court not later than May 12, 2003, to serve as lead plaintiff, however, you must meet certain legal requirements.

If you wish to receive a copy of the Complaint, or have any questions concerning your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy & Binkow LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161, Toll Free at (888) 773-9224, or e-mail to info@glancylaw.com, or visit our website at www.glancylaw.com.

The Complaint charges King Pharmaceuticals and certain of its officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and the dissemination of materially false and misleading statements concerning King Pharmaceuticals' business operations and earnings caused King Pharmaceuticals' stock price to become artificially inflated, inflicting damages on investors. King Pharmaceuticals manufactures, markets and sells primarily branded prescription pharmaceutical products to general and family practitioners and internal medicine physicians and hospitals across the United States. The Complaint alleges that during the Class Period defendants misrepresented that the prices paid by governmental Medicaid agencies were the "best price" -- i.e., the cheapest price offered to distributors and other purchasers -- for a particular drug, resulting in government overpayment for drugs purchased through the Medicaid program. The complaint further alleges that the Company recognized revenue subject to "pharmaceutical rebate" payments provided by King Pharmaceuticals to distributors to stock up on the Company's blood-pressure drug, Altace(r). On March 11, 2003, defendants disclosed that the Securities and Exchange Commission is investigating King Pharmaceuticals and has subpoenaed, among other things, the Company's "best price" lists and all documents related to the pricing of the Company's pharmaceutical products to any governmental Medicaid agency during 1999 and the accrual and payment of rebates on Altace. News of the SEC investigation caused a 23% drop in the price of King Phamramceuticals' stock on the day the investigation was disclosed.

Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.

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



            

Contact Data