RADNOR, Pa., Feb. 14, 2005 (PRIMEZONE) -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:
Investors are reminded that a class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of all securities purchasers of the Atherogenics, Inc. (Nasdaq:AGIX) ("AGIX" or the "Company") from September 28, 2004 and December 31, 2004 inclusive (the "Class Period"). If you are a member of the class described above, you may, not later than March 7, 2005 move the Court to serve as lead plaintiff of the class.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Darren J. Check, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.
The complaint charges AGIX, Russell Medford, Mark Colonnese, and Robert Scott with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company hyped the results of an inconclusive and limited study of AGI-1067; (2) that the statistically impressive levels of plaque reduction, described by AGIX in the initial announcement, varied significantly from the results achieved by the Cleveland Clinic; (3) that the Company was burning cash at a high rate; and (4) that the Company manipulated the study's results in order to enter into a strategic partnership with a major pharmaceutical company to complete the development and commercialization of AGI-1067.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com
If you are a member of the class described above, you may, not later than March 7, 2005 move 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 Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca