Shareholder Class Action Filed Against Forest Laboratories, Inc. by the Law Firm of Schiffrin & Barroway, LLP
March 16 2005 - 6:30PM
PR Newswire (US)
Shareholder Class Action Filed Against Forest Laboratories, Inc. by
the Law Firm of Schiffrin & Barroway, LLP RADNOR, Pa., March 16
/PRNewswire/ -- The following statement was issued today by the law
firm of Schiffrin & Barroway, LLP: Notice is hereby given that
a class action lawsuit was filed in the United States District
Court for the Southern District of New York on behalf of all
securities purchasers of Forest Laboratories, Inc. (NYSE:FRX)
("Forest" or the "Company") between August 15, 2002 and August 31,
2004 inclusive (the "Class Period"). If you wish to discuss this
action or have any questions concerning this notice or your rights
or interests with respect to these matters, please contact
Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Darren J.
Check, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via
e-mail at . The complaint charges Forest, Howard Solomon, and
Kenneth Goodman with violations of the Securities Exchange Act of
1934. More specifically, the Complaint alleges that the Company
failed to disclose and misrepresented the following material
adverse facts which were known to defendants or recklessly
disregarded by them: (1) that the defendants failed to publish data
showing that its SSRI's, Celexa and Lexapro, had mores side effects
and raised the risk of suicide in children; (2) that the Company,
despite the unpublished data, aggressively marketed the SSRIs; and
(3) that the Company's Alzheimer's treatment was ineffective. On
August 31, 2004, Forest announced that in a preliminary analysis,
data from the first Phase III study of the investigational
Alzheimer's disease treatment, neramexane, failed to achieve
statistical significance. News of this shocked the marked. Shares
of Forest fell $3.87 per share, or $8.44 percent, on September 1,
2004, to close at $41.98 per share. Plaintiff seeks to recover
damages on behalf of class members and is represented by the law
firm of Schiffrin & Barroway, which prosecutes class actions in
both state and federal courts throughout the country. Schiffrin
& Barroway is a driving force behind corporate governance
reform, and has recovered in excess of a billion dollars on behalf
of institutional and high net worth individual investors. For more
information about Schiffrin & Barroway, or to sign up to
participate in this action online, please visit
http://www.sbclasslaw.com/ If you are a member of the class
described above, you may, not later than May 10, 2005 move the
Court to serve as lead plaintiff of the class, if you so choose. 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. You may retain Schiffrin & Barroway, or other
counsel of your choice, to serve as your counsel in this action.
CONTACT: Schiffrin & Barroway, LLP Marc A. Topaz, Esq. Darren
J. Check, Esq. 280 King of Prussia Road Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706 Or by e-mail at
DATASOURCE: Schiffrin & Barroway, LLP CONTACT: Marc A. Topaz,
Esq. or Darren J. Check, Esq., both of Schiffrin & Barroway,
LLP, +1-888-299-7706 or +1-610-667-7706, Web site:
http://www.sbclasslaw.com/
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