NEW YORK, March 8, 2005 (PRIMEZONE) -- The law firm Seeger Weiss LLP announces that it filed a class action lawsuit today in the United States District Court for the District of New Jersey on behalf of all purchasers of the common stock of Bradley Pharmaceuticals, Inc. ("Bradley Pharmaceuticals") (NYSE:BDY) between October 8, 2003 and February 25, 2005, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act").
The complaint charges that defendants Bradley Pharmaceuticals, Daniel Glassman (Chairman, President and CEO) and R. Brent Lenczycki (CFO and Vice President) with violations of the Exchange Act by issuing a series of material misrepresentations to the market during the Class Period. The complaint alleges that Bradley Pharmaceuticals, a specialty pharmaceutical company that acquires, develops and markets prescription and over-the-counter products in select markets failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company was materially overstating its financial results by engaging in improper accounting practices; (2) that the Company's future sales growth from its Keralac Franchise would be hindered by generic competition; and (c) as a result of the foregoing, there was no reasonable basis for the Company's revenue and earnings guidance.
The complaint alleges that Bradley Pharmaceuticals announced on February 28, 2005 that the Securities and Exchange ("SEC") was conducting an informal inquiry regarding the Company's revenue recognition and capitalization of certain payments. The Company also announced that it would not be releasing its 2004 earnings on the scheduled date. The complaint further alleges that on news of the SEC investigation and the delay in the Company reporting its 2004 financial results, the market reacted negatively and Bradley Pharmaceuticals' common stock dropped by almost 30%, closing at $9.75, which was a drop of about $3.50 per share.
Seeger Weiss is a New York based firm that is active in major complex litigations and class actions pending in federal and state courts throughout the United States. Seeger Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers and others and has recovered millions of dollars for clients and class members. Seeger Weiss further has extensive experience litigating against pharmaceutical companies in various types of cases, including securities and mass torts.
If you are a member of the class described above, you may, not later than April 25, 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 Seeger Weiss LLP, or other counsel of your choice, to serve as your counsel in this action.
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 us: