NEW YORK, May 15, 2002 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the Southern District of New York on behalf of all purchasers of DOV Pharmaceutical, Inc. ("DOV" or the "Company") (Nasdaq:DOVP) common stock who purchased DOV shares pursuant and /or traceable to its April 24, 2002, initial public offering (the "Offering"). A copy of the complaint filed in this action can be viewed on the firm's website at www.faruqilaw.com
The complaint alleges that defendants violated Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 by issuing a materially false and misleading Registration Statement and Prospectus in connection with the Offering. Specifically, the complaint alleges that just before the Offering, DOV made a last-minute change to its Offering documents to reflect a revision of its 1999 financial results for a joint venture in Bermuda with Elan Corp, known as DOV Bermuda Ltd. Moreover, defendants also failed to disclose all material facts concerning: (i) a $10 million licensing fee paid to Elan; (ii) the fact that it would have to pay more fees in the future; and (iii) the fact that it had lost $1.3 million dollars in 2000 on the Bermuda investment and filed restated financial statements for DOV Bermuda. As a result, on the first day of exchange-based trading in DOV shares, on Thursday April 25, 2002, DOV's stock plummeted approximately 33%, from $13 a share to as low as $8.70, inflicting enormous damage on Class members.
Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors, other than defendants and related parties, who purchased or otherwise acquired DOV securities pursuant and/or traceable to the April 25, 2002, Offering. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.
If you wish to obtain information concerning joining this action you can do so under the "Join Lawsuit" section of our website at www.faruqilaw.com
If you purchased DOV securities pursuant and/or traceable to the April 24, 2002 Offering, you may, not later than July 1, 2002, move the court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please call or contact:
ANTHONY VOZZOLO, ESQ. FARUQI & FARUQI, LLP 320 East 39th Street New York, NY 10016 Telephone: (877) 247-4292 or (212) 983-9330 e-mail: Avozz@faruqilaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.