BALA CYNWYD, Pa., August 13, 2003 (PRIMEZONE) -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Northern District of California on behalf of all purchasers of the common stock of CV Therapeutics, Inc. (Nasdaq:CVTX) ("CV Therapeutics" or the "Company") from May 14, 2003 through August 1, 2003, inclusive (the "Class Period").
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 Stuart L. Berman, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.
The complaint charges CV Therapeutics and certain of its officers and directors 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 defendants issued a series of material misrepresentations to the market during the Class Period about Ranexa, its drug for the potential treatment of chronic angia, thereby artificially inflating the price of CV Therapeutics' common stock. The Complaint alleges that these statements were materially false and misleading because they failed to disclose and misrepresented the following adverse facts about Ranexa, among others: (1) that Ranexa lacked the required regulatory assessment of safety and efficiency for FDA approval; (2) that the Company's clinical development was in a state of complete chaos due to changes in CV Therapeutics relationship with Quintiles Transnational Corp. ("Quintiles"); (3) that due to the change in the Company's relationship with Quintiles, the Company's clinical program with respect Ranexa was defective and prohibited CV Therapeutics from meeting the required Mid-August 2003 deadline for distribution of briefing packages concerning Ranexa to the FDA for its September 2003 presentation at the FDA Cardiovascular and Renal Drugs Advisory Committee meeting; (4) that the Company mislead the FDA into believing that its application for Ranexa was appropriate for presentation to the FDA; and (5) that the Ranexa New Drug Application could not be approved as submitted due to safety and efficiency reasons.
On August 1, 2003, after the close of the markets, CV Therapeutics announced that it had reached agreement with the FDA to cancel the review of Ranexa by the Cardiovascular and Renal Drugs Advisory Committee in September 2003. News of this shocked the market. Shares of CV Therapeutics fell 20.78 percent or $7.31 per share to close at $27.87 per share.
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/currentcases.cfm.
If you are a member of the class described above, you may, not later than October 7, 2003, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca