NEW YORK, Aug. 16, 2006 (PRIMEZONE) -- The law firm of Seeger Weiss LLP announces that it filed a class action lawsuit today in the United States District Court for the District of New Jersey on behalf of purchasers of Par Pharmaceutical Companies, Inc. ("Par" or "Company") (NYSE:PRX) common stock in the open market between April 29, 2004 and July 5, 2006 (the "Class Period"). The complaint seeks remedies for the class under the Securities Exchange Act of 1934 (the "Exchange Act").
The complaint charges that defendants Par, Scott L. Tarriff, Gerald A. Martino, and Dennis J. O'Connor violated sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5, by issuing a series of material misrepresentations to the market during the Class Period. Par develops, manufactures and markets more than 110 generic drugs and innovative branded pharmaceuticals for specialty markets. The Company's product line consists of prescription and over the counter products in both oral dosage and semi-solid forms. Its generic versions of drugs include antidepressants Paxil and Prozac.
On July 5, 2006, after the market closed, the Company issued a press release entitled "Par Pharmaceutical Will Restate Certain Prior Period Results and Delays Filing Its Second Quarter Form 10-Q" which stated, "that an internal review of its trade accounts receivable balances revealed accounting errors that will result in the restatement of financial results for fiscal years 2004 and 2005 and the first quarter of 2006." On July 6, 2006, following these announcements, Par stock fell $4.78 per share, losing nearly 26% of its value in one day of extremely high volume trading of over 9 million shares, to close at $13.47 per share. On July 24, 2006, the Company filed a Form 8-K with the SEC. Therein, the defendants disclosed that the SEC had commenced an informal probe into the Company's restatement.
Seeger Weiss is a New York based law firm that is active in major complex litigations and class actions pending in federal and state courts throughout the United States. Seeger Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers and others and has recovered millions of dollars for clients and class members.
If you are a member of the class described above, you may, no later than September 15, 2006, move before the Court to serve as lead plaintiff of the class, if you so choose. 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 Seeger Weiss LLP, or other counsel of your choice, to serve as your counsel in this action.
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 us:
David R. Buchanan, Esq. Stephen A. Weiss. Esq. Eric T. Chaffin, Esq. Seeger Weiss LLP One William Street New York, New York 10004 E-Mail: sweiss@seegerweiss.com echaffin@seegerweiss.com Tel.: (212) 584-0700 Toll Free: (877) 541-3273 www.seegerweiss.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca