Wechsler Harwood Halebian & Feffer LLP Retained to Bring Action Against ImClone Systems, Inc. for Violations of the Federal Securities Laws

Wechsler Harwood Halebian & Feffer LLP has been retained to commence a lawsuit against ImClone Systems, Inc. (NASDAQ: IMCL) and certain of its senior officers for violations of the federal securities laws in a class action lawsuit to be brought in the United States District Court for the Southern District of New York.

The lawsuit will be brought on behalf of all persons who purchased ImClone common stock on the open market during the period beginning on December 31, 2001 through January 4, 2002, inclusive.

Plaintiff alleges in this action that during the Class Period defendants made materially false and misleading statements about status of its application for the Food and Drug Administration's ("FDA") approval of Erbitux, ImClone's alleged new "blockbuster" drug for cancer treatment.

The foregoing representations were materially misleading because, among other things, defendants failed to describe accurately the reasons the FDA refused to accept its application to sell Erbitux.

In reliance on the truth and accuracy of defendants' public statements, ImClone shares traded as high as $47.69 per share during the Class Period.

On December 28, 2001, ImClone issued a press release stating the FDA, in a letter dated December 28, 2001 (the "December 28 Letter") had rejected its filing of a Biologics License Application ("BLA") for Erbitux, and one of the individual defendants stated that such rejection resulted largely from record-keeping mistakes. It was not until January 4, 2002, that the truth was revealed and that in fact the December 28 Letter included a long list of concerns about Erbitux's application going far beyond mere record-keeping errors. After these additional facts were disclosed, ImClone shares plunged, opening on January 7, 2002 at $34.96 per share.

Wechsler 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 8, 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 Ramon Pinon IV, Wechsler Harwood Shareholder Relations Department; ImClone Systems, Inc.: rpinoniv@whhf.com.

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SOURCE: Wechsler Harwood Halebian & Feffer LLP

Contact: Ramon Pinon IV of Wechsler Harwood Shareholder Relations
Department, +1-877-935-7400, rpinoniv@whhf.com

Website: http://www.whhf.com/