Wechsler Harwood Halebian & Feffer LLP Announces Class Action Suit Against Synsorb Biotech Inc. (NYSE: SYBB)
PRNewswire
NEW YORK
Feb 22, 2002
Wechsler Harwood Halebian & Feffer LLP has filed a class action lawsuit in the United States District Court for the Southern District of New York, on behalf of purchasers of Synsorb Biotech Inc. ("SYNSORB" or the "Company") (NASDAQ: SYBB) between April 4, 2001 and December 10, 2001, inclusive, [the "Class Period"] against defendants SYNSORB and certain of its officers.
The complaint alleges that defendants 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.
The complaint alleges that throughout the Class Period, defendants touted the successful progression of its SYNSORB Cd® Phase III clinical trials while concealing from the public that, in fact, defendants had "concerns about enrollment;" that defendants knew that "the completion of the trial would reach out years beyond" what they had forecast; that the FDA had directed defendants to use a more stringent protocol in its Phase III trials; that defendants had repeatedly failed to increase enrollment in the Phase III trials during the Class Period; that defendants had been experiencing "unacceptably high drop out rates;" and that defendants could not afford to continue to finance the Phase III clinical trials
After the market close on December 10, 2001, the Company issued a press release announcing the termination of its SYNSORB Cd® development program; and in a conference call the next morning, revealed the true facts concerning the Phase III clinical trials. These shocking revelations made in the press release and in the conference call had a dramatic effect on the price of SYNSORB stock; causing the stock to plummet over 52% and causing plaintiff and the class to suffer damages.
If you purchased SYNSORB securities during the Class Period, you may request that the Court appoint you as lead plaintiff by March 18, 2002. 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." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Wechsler Harwood Halebian & Feffer LLP, or other counsel of your choice, to serve as your counsel in this action.
Wechler Harwood has extensive experience representing shareholders in class actions and has served as lead counsel on behalf of shareholders in many such actions. The reputation and expertise of this firm in shareholder and other class actions has repeatedly been recognized by the courts.
Any member of the proposed class who desires to be appointed lead plaintiff in this action must file a motion with the Court no later than March 18, 2002. Class members must meet certain legal requirements to serve as a lead plaintiff. If you have questions or information regarding this action, or if you are interested in serving as a lead plaintiff in this action, you may call or write:
Wechsler Harwood Halebian & Feffer LLP, 488 Madison Avenue, New York, New York 10022, toll free 877-935-7400, or by contacting David Leifer, Wechsler Harwood Shareholder Relations Department; Synsorb Biotech Inc.: dleifer@whhf.com.
SOURCE: Wechsler Harwood Halebian & Feffer LLP
Contact: David Leifer of Wechsler Harwood Shareholder Relations
Department, dleifer@whhf.com
Website: http://www.whhf.com/