Class Action Suit Against ANDRX Corporation (Nasdaq: ADRX) Filed by Wechsler Harwood
PRNewswire
NEW YORK
Apr 12, 2002
The law firm of Wechsler Harwood Halebian & Feffer LLP ("Wechsler Harwood") announces that a class action has been commenced on behalf of an investor in the United States District Court for the Southern District of Florida on behalf of purchasers of Andrx Corporation ("Andrx" or the "Company") (NASDAQ: ADRX) who publicly traded securities between April 30, 2001 and February 21, 2002, inclusive (the "Class Period").
The complaint alleges that defendants, Andrx and certain of its officers and directors, violated the federal securities laws by issuing materially false and misleading statements throughout the Class Period that had the effect of artificially inflating the market price of the Company's securities. Specifically, the complaint alleges that throughout the Class Period, defendants issued a series of misstatements concerning Taztia, a generic drug version of Tiazac, stating that the only issue preventing production of the drug was continuing patent litigation. Defendants failed to disclose that it was having repeated difficulty in manufacturing a stable form of Taztia, forcing the Company to amend its FDA application 13 times. On February 21, 2002, when Andrx finally disclosed this information, the price of Andrx stock fell from $42.61 per share to $34.96 per share.
If you are a member of the Class described above, and if you meet certain other legal requirements, you may, no later than May 21, 2002, move the Court to serve as a lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff."
The requirements for serving as a lead plaintiff are set forth in the Private Securities Litigation Reform Act of 1995 (15 U.S.C. Section 78u-4). You may move the Court to serve as lead plaintiff through counsel of their choice (and need not necessarily do so through plaintiff's counsel). (15 U.S.C. 78u-4(a)(3)). At this stage, providing information or communicating with counsel is unnecessary to participate in any recovery resulting from this litigation.
Wechsler Harwood has taken a leading role in many important actions on behalf of defrauded shareholders. The Wechsler Harwood website (http://www.whhf.com/) has more information about the firm. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following:
Wechsler Harwood Halebian & Feffer LLP 488 Madison Avenue, 8th Floor New York, New York 10022 Toll Free Telephone: (877) 935-7400
Patricia Guiteau, Wechsler Harwood Shareholder Relations Department: pguiteau@whhf.com
SOURCE: Wechsler Harwood Halebian & Feffer LLP
Contact: Patricia Guiteau of Wechsler Harwood Shareholder Relations
Department, pguiteau@whhf.com, +1-877-935-7400
Website: http://www.whhf.com/