NEW YORK, Aug. 1, 2002 (PRIMEZONE) -- Please take notice that the law firm of Kirby McInerney & Squire, LLP has commenced a class action lawsuit in the United States District Court for the Eastern District of New York on behalf of all purchasers of ICN Pharmaceuticals, Inc. common stock (NYSE:ICN) during the period from May 3, 2001 through July 11, 2002 (the "Class Period"). The action seeks to recover losses suffered by such investors.
A copy of the complaint is available from the Court or from Kirby McInerney & Squire. Please visit our website, which offers summary and detailed information concerning the case at www.kmslaw.com/new_cases/icn/icn.htm, or contact us by phone at (888) 529-4787 or by email at obraun@kmslaw.com.
The complaint asserts claims for violation of Section 10(b) and 20(a) of the Securities and Exchange Act of 1934 against ICN Pharmaceuticals, Inc. ("ICN"), as well as ICN's Chief Executive and Chief Financial Officers. The alleged violations, according to the complaint, stem from materially false and misleading statements made by the defendants during the Class Period that, as detailed below: (i) materially misrepresented ICN's financial performance (inflating reported revenues during the class period); and (ii) caused ICN stock to trade at artificially-inflated prices.
The complaint alleges that, during the class period, ICN shares traded at prices inflated to above $25 per share by the defendants' reporting of revenues inflated by "channel-stuffing." On July 11, 2002, ICN shares dramatically deflated, losing over 50% of their value in one day, when ICN: (i) announced that it would not be able to meet previously-announced financial guidance regarding second-quarter revenues and earnings; and (ii) admitted that revenues and earnings would be depressed throughout the year due to the high inventory levels created by ICN's earlier flooding of the sales channels. The suit seeks to recover losses suffered by investors (excluding the defendants and their affiliates) who purchased ICN stock during the class period at prices inflated by the defendants' actions.
Plaintiffs are represented by Kirby McInerney & Squire, LLP, which specializes in complex litigation, including securities class actions. The firm has repeatedly demonstrated its expertise in this field, and has been recognized by various courts which have appointed the firm to major positions in consolidated and multi-district litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling hundreds of millions of dollars, and its achievements and quality of service have been chronicled in numerous published decisions. More information about the firm, class actions in general or about the role of the lead plaintiff in a securities class action can be obtained through Kirby McInerney & Squire's website at www.kmslaw.com.
If you are a member of the class described above, you may, no later than September 25, 2002, 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, please contact:
Ira M. Press, Esq. Ori Braun 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: obraun@kmslaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca