NEW YORK, Dec. 4, 2003 (PRIMEZONE) -- The law firm of Kirby McInerney & Squire, LLP announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California, on behalf of all purchasers of Gilead Sciences, Inc. ("Gilead" or the "Company") (Nasdaq:GILD) securities during the period from July 14, 2003 through October 28, 2003, inclusive (the "Class Period").
Please visit our website at, http://www.kmslaw.com/new_cases/Gilead/Gilead.htm or contact us by phone at (888) 529-4787 or by email at emui@kmslaw.com for more information.
The action charges Gilead and certain of its senior officers with violations of Sections 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934. The alleged violations stem from the dissemination of false and misleading statements, which had the effect -- during the Class Period - of artificially inflating the price of Gilead's shares.
On October 28, 2003, Gilead announced that third-quarter sales of its drug Viread in would be less than expected due to a previously undisclosed inventory buildup by wholesalers. The market reacted swiftly to this news, with the Company's stock falling 12%, or $7.46 per share, from a high of $59.46 per share on October 28, 2003 to close at $52.00 per share on October 29, 2003.
If you are a member of the class described above, you may, no later than January 12, 2004, move the Court to serve as lead plaintiff of the class, if you so choose, pursuant to the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), 15 U.S.C. section 78u-4(a). A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. 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 seek appointment as a lead plaintiff. For more information about the case, its claims, and your rights, you can contact:
Pamela E. Kulsrud, Esq. Elaine Mui KIRBY McINERNEY & SQUIRE, LLP 830 Third Avenue, 10th Floor New York, New York 10022 Telephone: (212) 317-2300 or Toll Free (888) 529-4787 E-Mail: emui@kmslaw.com
For more information on this and other class action lawsuits visit the Class Action Newsline at www.primezone.com/ca