NEW YORK, May 21, 2002 (PRIMEZONE) -- The law firm of Abbey Gardy, LLP has filed a class action against DOV Pharmaceutical ("DOV") (Nasdaq:DOVP) in the United States District Court for the District of New Jersey, on behalf of all persons or entities who purchased DOV common stock in or traceable to DOV's initial public offering ("IPO") (the "Class"). A copy of the complaint is available from Abbey Gardy, LLP or the Court. Please contact us at 1-800-889-3701 or by email at jhaas@abbeygardy.com.
The action charges DOV, certain of its officers and directors, and the lead underwriters of DOV's IPO, with violations of Sections 11 and 12 of the Securities Act of 1933. The violations, as the complaint alleges, stem from the issuance of allegedly misleading financial statements contained in DOV's IPO-related Registration Statement and Prospectus (the "Prospectus") that understated expenses arising from a joint venture in Bermuda (DOV Bermuda Ltd.). The complaint alleges that DOV issued approximately five million shares in its IPO on April 25, 2002 at $13 per share, but failed to timely inform the Class of revisions in its financial results. On April 25, 2002 when DOV shares began public trading investors learned that DOV's previously issued financial statements had been materially false and misleading. As a result DOV shares lost approximately 33% of their value in one day, falling from their offering price of $13.00 to close trading at $8.70 per share.
If you purchased or otherwise acquired DOV stock as described above and either lost money on the transaction or still hold the securities, you may wish to join in the action to serve as 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 plaintiffs." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. If you wish to serve as a lead plaintiff, you may, no later than July 1, 2002 request that the Court appoint you as lead plaintiff.
Abbey Gardy, LLP has been retained as one of the law firms to represent the Class. The attorneys at Abbey Gardy, LLP have extensive experience in securities class action cases, and have played lead roles in major cases resulting in the recovery of hundreds of millions of dollars to investors. If you would like to discuss this action or if you have any questions concerning this Notice or your rights as a potential class member or lead plaintiff, you may contact Nancy Kaboolian, Esq. or Jennifer Haas of Abbey Gardy, LLP at (800) 889-3701 or email JHaas@abbeygardy.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca