NEW YORK, Aug. 8, 2002 (PRIMEZONE) -- The law firm of Abbey Gardy, LLP has filed a class action against ICN Pharmaceuticals, Inc. ("ICN" or the "Company") (NYSE:ICN) and certain of its officers and directors in the United States District Court for the Central District of California, on behalf of all persons or entities who purchased ICN Pharmaceuticals, Inc. securities during the period from May 3, 2001 and July 10, 2002, inclusive (the "Class Period").
The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, by issuing a series of material misrepresentations. The complaint alleges that the defendants made materially false and misleading statements during the Class Period that, (1) materially misrepresented ICN's financial performance (inflating reported revenues during the class period); and (2) caused ICN stock to trade at artificially-inflated prices. Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired ICN securities during the Class Period. If you purchased or otherwise acquired ICN securities during the Class Period, and either lost money on the transaction or still hold the securities, you may wish to join in the action to serve as lead plaintiff. If you purchased ICN securities during the Class Period, you may, no later than September 24, 2002, request that the Court appoint you as lead plaintiff.
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 plaintiffs.'' Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.
Abbey Gardy, LLP has been retained as one of the law firms to represent the Class. The attorneys at Abbey Gardy, LLP have extensive experience in securities class action cases, and have played lead roles in major cases resulting in the recovery of hundreds of millions of dollars to investors. If you would like to discuss this action or if you have any questions concerning this Notice or your rights as a potential class member or lead plaintiff, you may contact Nancy Kaboolian, Esq. or Jennifer Haas of Abbey Gardy, LLP at (800) 889-3701 or email nkaboolian@abbeygardy.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.