CHICAGO, May 7, 2003 (PRIMEZONE) -- Much Shelist Freed Denenberg Ament & Rubenstein, P.C. announces that it has sued King Pharmaceuticals, Inc. ("King" or the "Company") (NYSE:KG) and certain of its officers and directors in the United States District Court for the Eastern District of Tennessee. The shareholder lawsuit is on behalf of all persons and entities who purchased King securities during the period February 16, 2000 through March 10, 2003, inclusive ("Class Period").
If you wish to discuss your rights and interests, have questions regarding this notice or have information relevant to the lawsuit, you may contact Carol V. Gilden or Michael E. Moskovitz at Much Shelist Freed Denenberg Ament & Rubenstein, P.C., by calling a toll-free number 1-800-470-6824, or by sending an e-mail to investorhelp@muchshelist.com. Your e-mail should refer to King.
The Complaint alleges that King and certain of its officers and directors, violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of materially false and misleading statements to the market during the Class Period. These alleged misstatements had the effect of artificially inflating the price of King securities.
King Pharmaceuticals is a vertically integrated pharmaceutical company that manufactures, markets and sells primarily branded prescription pharmaceutical products. Throughout the Class Period, King claimed it had positive earnings and growth that exceeded the consensus of earnings expectations.
As alleged in the Complaint, on March 11, 2003, King shocked the markets when it disclosed that it was the subject of a Securities and Exchange Commission investigation focusing on King's: (a) sales of its products to VitaRx and Prison Health Services during 1999 and 2000; (b) "best price" lists; (c) the pricing of its pharmaceutical products to any governmental Medicaid agency during 1999; and (d) accrual and payment of rebates on Altace(r) from 2000 to the present. As a result of this announcement, the price of King common stock fell from $15.90 per share to $12.17 per share, a single day decline of over 23%.
Plaintiff seeks to recover damages on behalf of all those who purchased King securities during the Class Period (February 16, 2000 through March 10, 2003). If you purchased King securities during the Class Period and either lost money on the transactions or still hold the securities, you may, if you meet certain other legal requirements, file a motion to serve as a lead plaintiff. You must file your motion no later than May 12, 2003.
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. The requirements for serving as a lead plaintiff are set forth in the Private Securities Litigation Reform Act of 1995 (15 U.S.C. Section 78u-4).
Much Shelist's history is one of experience, leadership and results. For more than 25 years, Much Shelist has represented plaintiffs in class action litigation in federal and state courts across the United States. The firm has successfully prosecuted cases involving securities fraud, antitrust violations, consumer fraud, unlawful business practices and insurance company fraud. Under Much Shelist's leadership, class members have obtained judgments and settlements in excess of $4 billion. Please contact the Much Shelist website for more information about the firm.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca