HARTFORD, Conn., Jan. 28 /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 American Depository Receipts ("ADRs") of AstraZeneca, PLC ("AstraZeneca") between April 2, 2003 and October 11, 2004, inclusive (the "Class Period"). Also included are investors who acquired securities on foreign markets.
The Complaint alleges that AstraZeneca, a pharmaceutical research company, and certain of its officers and directors issued materially false statements concerning the results of the clinical trials of the Company's investigational oral anticoagulant Exanta, and the status and likelihood of the approval of the New Drug Application for Exanta. These statements caused the Company's stock/ADR prices to rise until September 9, 2004, when the U.S. Food & Drug Administration ("FDA") posted briefing documents on the FDA's website which raised previously unheard-of problems with Exanta. Then, on October 11, 2004 AstraZeneca issued a press release stating, that they received an Action Letter from the FDA for Exanta. The release stated that "the US Food and Drug Administration (FDA) did not grant approval for the investigational oral anticoagulant EXANTA(R) (ximelagatran)." On this news, AstraZeneca stock fell to $38 per share. During the Class Period, AstraZeneca traded as high as $51.20 per share on March 9, 2004.
If you are a member of the class, you may, no later than March 28, 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 email@example.com. 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/.
Nancy A. Kulesa or
Wayne T. Boulton
Tel.: (800) 797-5499
Schatz & Nobel, P.C.