NEW YORK, March 18, 2003 (PRIMZONE) -- Please take notice that Kirby McInerney & Squire, LLP has filed a class action lawsuit on behalf of purchasers of American Depository Shares (ADRs) of Bayer AG (NYSE:BAY) between March 30, 1998 and February 22, 2003, inclusive. (Prior to January 23, 2002, Bayer AG traded on the NASDAQ under the symbol BAYZY.) A copy of the complaint is available from the Court for the Southern District of New York or from Kirby McInerney & Squire. Please contact us by phone at (888) 529-4787 or by email at kryu@kmslaw.com.
The complaint against Bayer AG and its wholly owned subsidiary, Bayer Corporation, alleges, among other things, that throughout the Class Period defendants misrepresented Bayer AG's success through the promotion of its cholesterol lowering drug, Baycol. Defendants' statements were materially false and misleading because Bayer AG's own scientists were stating internally that Baycol, when administered with other popular medications or at high dosages, caused unacceptable risk of serious side effects. In fact, throughout the Class Period Bayer AG was informed that patients taking Baycol were experiencing serious and life threatening side effects. Baycol was belatedly withdrawn from the market in August 2001 after the FDA raised serious concerns about the safety of Baycol in light of reports of Baycol patients dying. The true facts concerning defendants' knowledge of the dangers of Baycol and the Company's potential liability to Baycol patients were not completely disclosed until February 22, 2003, in connection with court filings in various personal injury actions commenced against Bayer AG by persons who had been prescribed Baycol and had suffered severe side effects. These court documents demonstrated defendants' early knowledge of the risk of serious or life threatening side effects to patients taking Baycol, including the knowledge that patients taking Baycol were found to have 5 to 10 times the chance of developing a life threatening illness -- rhabdomyolysis -- as patients taking other similar medicines. The price per share of Bayer AG ADRs fell approximately 17% when Baycol was withdrawn from the market in August 2001. Following the February 22, 2003 disclosure of the true state of defendants' knowledge of the dangers of Baycol, Bayer AG ADRs declined an additional 27%, from $17.15 per share to $12.58 days after the revelation -- more than 68% below the trading price at the beginning of the Class Period ($39.75).
Kirby McInerney & Squire, LLP, specializes in complex litigation, including securities class actions. Kirby McInerney & Squire has repeatedly demonstrated its expertise in this field, and has been recognized by various courts that have appointed the firm to major positions in consolidated and multi-district litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling hundreds of millions of dollars, and its achievements and quality of service have been chronicled in published decisions. More information about the firm, class actions in general, or about the role of the lead plaintiff in a securities class action can be obtained at Kirby McInerney & Squire's website at www.kmslaw.com.
If you are a member of the class described above, you may, no later than May 12, 2003, move the Court to serve as lead plaintiff of the proposed class, if you so choose. In order to serve as lead plaintiff, however, an investor must meet certain legal requirements, as set out in the Private Securities Litigation Reform Act of 1995. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Class members need not, however, seek appointment as lead plaintiff in order to share in any recovery resulting from this litigation.
For more information contact Ira M. Press, Esq. or Kenneth Ryu at (888) 529-4787 or kryu@kmslaw.com or visit our website www.kmslaw.com.
Ira Press, Esq. Kenneth Ryu, Paralegal KIRBY McINERNEY & SQUIRE, LLP 830 Third Avenue, 10th Floor New York, New York 10022 Telephone: (212) 371-6600 or Toll Free (888) 529-4787
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca