BOSTON, March 3, 2003 (PRIMEZONE) -- Investors have filed a securities class action against Transkaryotic Therapies, Inc. (Nasdaq:TKTX), alleging the biopharmaceutical firm issued false and misleading statements to the public regarding the chances for approval of a new drug, Berman DeValerio Pease Tabacco Burt & Pucillo said today.
The lawsuit was filed February 6, 2003 in the U.S. District Court for the District of Massachusetts. Plaintiffs seek damages for violations of federal securities laws on behalf of all investors who bought Transkaryotic common stock from January 4, 2001 through January 14, 2003 (the Class Period).
Berman DeValerio has represented investors in class actions for over 20 years. To review the complaint and learn more about becoming a lead plaintiff, please visit the firm's website at www.bermanesq.com.
The lawsuit claims Transkaryotic misled the public about its chances of achieving U.S. Food and Drug Administration (FDA) approval to market Replagal, an enzyme therapy for the treatment of Fabry disease. Shareholders contend that the company knew throughout the Class Period that the FDA considered its clinical trial data on Replagal to be unreliable.
Some of the facts began to emerge on October 2, 2002, nearly two years after the FDA's findings, when Transkaryotic admitted (a) that the FDA had determined the drug's primary pain reduction data was "uninterpretable" and (b) that Transkaryotic had decided to rely on other data -- gathered from cardiac and renal clinical trials -- in its FDA application. Six days later, Transkaryotic further acknowledged that the FDA had also advised the company in early 2001 that it did not consider Replagal's cardiac or renal data sufficient to support approval.
In response to the initial announcement, Transkaryotic common stock plummeted from its closing price of $33.25 per share on October 2, 2002 to $12.75 at the end of the next trading day. Transkaryotic and the FDA disclosed additional facts on January 14, 2003, during an Advisory Committee hearing. At that meeting, the FDA stated its reasons for believing that the pain data was not interpretable and further, that it had informed Transkaryotic of its reasoning at least as early as January 2001.
Trading in Transkaryotic common stock was halted during the Advisory Committee meeting. It closed at $6.49 per share on January 15, 2003. If you purchased Transkaryotic Therapies, Inc. stock during the period January 4, 2001 through January 14, 2003, you may wish to contact the following attorneys at Berman DeValerio Pease Tabacco Burt & Pucillo to discuss your rights and interests.
Leslie R. Stern, Esq. Nicole S. Robbins, Esq. One Liberty Square Boston, MA 02109 (800) 516-9926 or (617) 542-8300 law@bermanesq.com
If you wish to apply to be lead plaintiff in this action, a motion must be filed on your behalf with the court no later than March 25, 2003. You may contact the attorneys at Berman DeValerio to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. You may also retain counsel of your choice. To be a member of the class, however, you need not take any action at this time.
Berman DeValerio Pease Tabacco Burt & Pucillo prosecutes class actions nationwide on behalf of institutions and individuals, chiefly victims of securities fraud, antitrust law violations, and consumer fraud. The firm consists of 33 attorneys in Boston, San Francisco, and West Palm Beach, Florida.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca