Stull, Stull & Brody Announces Class Action on Behalf of Shareholders of Andrx Corp.
November 02 2005 - 2:20PM
Business Wire
Notice is hereby given that a class action has been commenced in
the United States District Court for the Southern District of
Florida, on behalf of purchasers of Andrx Corp. ("ANDRX" or the
"Company") (Nasdaq: ADRX) common stock during the class period
between March 9, 2005 and September 5, 2005 (the "Class Period").
Stull, Stull & Brody has substantial experience representing
employees who suffered losses from purchases of their employer's
stock in their 401(k) plans. If you bought Andrx Corp' stock
through your Andrx Corp. retirement account and have information or
would like to learn more about these claims, please contact us. The
Complaint charges defendants with violations of the Securities
Exchange Act of 1934. The Complaint alleges that defendants were
aware of and failed to disclose the fact that their manufacturing
facilities did not comply with all applicable good manufacturing
practices ("cGMP") regulations and that Andrx was facing serious
regulatory sanctions as a result of its cGMP violations including a
sanction that would preclude the Food and Drug Administration
("FDA") approval of Andrx' pending and future drug applications. On
September 6, 2005, defendants shocked the market when they
announced that the FDA had recently placed a halt on approving
Andrx' s drug applications. In response to this press release,
Andrx stock dropped from a closing price of $17.94 on September 5,
2005 to $14.89 on September 6, 2005 on heavy trading volume. If you
purchased common stock of Andrx Corp. during the period March 9,
2005 to September 5, 2005, you may, no later than December 12,
2005, 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 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 Stull, Stull & Brody, or other
counsel of your choice, to serve as your counsel in this action.
Stull, Stull & Brody has litigated many class actions for
violations of securities laws in federal courts over the past 30
years and has obtained court approval of substantial settlements on
numerous occasions. Stull, Stull & Brody maintains offices in
both New York and Los Angeles. 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 Tzivia
Brody, Esq. at Stull, Stull & Brody by e-mail at SSBNY@aol.com,
by calling toll-free 1-800-337-4983, or by fax at 212/490-2022, or
by writing to Stull, Stull & Brody, 6 East 45th Street, New
York, NY 10017. You can also visit our website at www.ssbny.com.
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