LOS ANGELES, Nov. 14, 2003 (PRIMEZONE) -- Notice is hereby given that Glancy & Binkow LLP commenced a Class Action lawsuit in the United States District Court for the District of Massachusetts on behalf of a class (the "Class") consisting of all persons who purchased securities of Alkermes, Inc. ("Alkermes" or the "Company") (Nasdaq:ALKS) between April 22, 1999 and July 1, 2002, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy & Binkow LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9161 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges Alkermes and certain of the Company's executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' dissemination of materially false and misleading statements concerning Alkermes' business operations and prospects caused the Company's stock price to become artificially inflated, inflicting damages on investors. Alkermes is a biopharmaceutical company focused on the development of controlled-release drug delivery technologies and their application to existing or new drug therapies. The complaint alleges that during the Class Period defendants issued a series of materially false and misleading statements about the Company's application for FDA approval of Risperdal Consta, a possible candidate for the treatment of schizophrenia. The complaint further alleges that defendants, among other things, issued inflated revenue projections for the new therapy by failing to disclose quality management issues and delays in the Risperdal Consta development and manufacturing programs, as well as significant safety and patient-tolerability issues associated with the drug's intended use.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than December 29, 2003, to serve as lead plaintiff, however, you must meet certain legal requirements. 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 Michael Goldberg, Esquire, of Glancy & Binkow LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca