NEW YORK, May 1, 2002 (PRIMEZONE) -- The law firm of Wechsler Harwood Halebian & Feffer LLP ("Wechlser Harwood") has filed a class action lawsuit against DOV Pharmaceutical, Inc. ("DOV") (Nasdaq:DOVP) in the United States District Court for the Southern District of New York ("the Court"), on behalf of all persons or entities who purchased DOV common stock in or traceable to DOV's initial public offering ("IPO") (the "Class").
The action charges DOV, certain of its officers and directors, and the lead underwriters of DOV's IPO, with violation of Sections 11 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 arising from a joint venture in Bermuda. 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. If you wish to serve as a lead plaintiff, you may, no later than June 29, 2002 request that the Court appoint you as lead plaintiff.
Wechsler Harwood has taken a leading role in many important actions on behalf of defrauded shareholders. The Wechsler Harwood Website (www.whhf.com) has more information about the firm. 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 the following:
Wechsler Harwood Halebian & Feffer LLP 488 Madison Avenue, 8th Floor New York, New York 10022 Toll Free Telephone: (877) 935-7400 Craig Lowther, Wechsler Harwood Shareholder Relations Department: clowther@whhf.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca