PRCS Praecis Pharmaceuticals (MM)

Schatz & Nobel, P.C. Announces Class Action Lawsuit Against Praecis Pharmaceuticals Inc. HARTFORD, Conn., Dec. 9 /PRNewswire/ -- The law firm of Schatz & Nobel, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the District of Massachusetts on behalf of all persons who purchased the publicly traded securities of Praecis Pharmaceuticals, Inc. (NASDAQ:PRCS) ("Praecis") between November 25, 2003 and December 6, 2004 (the "Class Period"). The complaint alleges that Praecis violated federal securities laws by issuing false or misleading public statements concerning the market for its drug Plenaxis. The complaint alleges that Praecis misrepresented or failed to disclose the following facts: that the distribution of Plenaxis had been severely restricted by the FDA; that Praecis had failed to establish effective messaging to educate physicians about Plenaxis' indication and the appropriate patient population; and that despite impressive enrollment numbers in the PLUS program, Praecis had difficulties convincing physicians to prescribe Plenaxis due to uncertainty over its use and concerns over reimbursement. On December 6, 2004, Praecis stated that it had decided to remove its previous short and long term sales and earnings guidance for Plenaxis, and that it did not anticipate providing further guidance until a consistent trend for Plenaxis sales emerges. On this news, shares of Praecis fell from a close of $2.17 per share on December 3, 2004, to close at $1.61 per share on the next trading day, December 6, 2004. If you are a member of the class, you may, no later than February 7, 2005, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s). For more information about the case, its claims, and your rights, please contact Schatz & Nobel toll-free at (800) 797-5499, or by e-mail at . To view a copy of the lawsuit initiating the class action, or for more information about class action cases and Schatz & Nobel, please visit our website: http://www.snlaw.net/. CONTACT: Wayne T. Boulton Tel.: (800) 797-5499 Website: http://www.snlaw.net/ e-mail: DATASOURCE: Schatz & Nobel, P.C. CONTACT: Wayne T. Boulton of Schatz & Nobel, +1-800-797-5499, Web site: http://www.snlaw.net/

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