WASHINGTON, Feb. 25, 2002 (PRIMEZONE) -- The Law Office of Mark McNair announces announces that the lead plaintiff deadline for the securities class action lawsuit filed against ImClone Systems, Inc. (Nasdaq:IMCL) is approaching.
The complaint is on behalf of, and seeks damages for, shareholders who purchased ImClone stock between April 26, 2001 and January 7, 2002. Specifically, the deadline for filing a Lead Plaintiff Motion is March 8, 2002.
This lawsuit, like similar lawsuits that have been filed against ImClone Systems, is on behalf of all shareholders who purchased ImClone stock during the Class Period. Thus, it is not necessary for investors who purchased stock during the Class Period to take any action at this time unless they wish to be the Lead Plaintiff. To serve as lead plaintiff, you must meet certain legal requirements.
Congress adopted the Lead Plaintiff provision in 1995 so that judges would put investors with large losses in control of the litigation. Since then, an increasing number of investors with significant losses are stepping forward to become the Lead Plaintiffs and the average size of settlements grown significantly. To serve as Lead Plaintiff, you must meet certain legal requirements.
The Law Office of Mark McNair recognizes that many investors with significant losses are uncertain about the class action process. Generally, such investors have never participated in a class action case and they are unclear whether they should take an active role in a case. The Law Office of Mark McNair specializes in working with such individuals and institutions and would be happy to review this process with you.
The complaint alleges that ImClone artificially inflated its stock price by making false and misleading statements about Erbitux, a cancer treatment the company was developing. Specifically, it is alleged that the Company made the positive statements about Erbitux knowing or recklessly disregarding that they had failed to submit documentation that the Food and Drug Administration had previously told them was necessary for it to accept the application. Eventually, on December 28, 2001, the Company announced that the FDA had refused to even review its application for approval. When this was announced and details came to light regarding the Company's actions in this regard, ImClone's stock price significantly dropped.
To review the complaint and/or sign up online: http://www.justice4investors.com .
If you have any questions, please contact Mark McNair at 1101 30th Street PN.W. Suite 500, Washington, D.C, 20007 by telephone at (877) 511.4717 or (202) 872.4717, via e-mail at mcnair@justice4investors.com or visit our website www.justice4investors.com .
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca