Schatz & Nobel, P.C. Announces Class Action Lawsuit Against deCODE genetics, Inc.

HARTFORD, Conn., Sept. 3 /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 Southern District of New York on behalf of all persons who purchased the securities of deCODE genetics, Inc. ("deCODE") between October 29, 2003 and August 26, 2004 (the "Class Period").

The Complaint alleges that during the Class Period deCODE's shares traded at artificially inflated levels as a result of deCODE's false and misleading public statements. On August 26, 2004, deCODE filed a Form 8-K with the SEC in which it disclosed the resignation of its outside accountant and disclosed a "reportable condition" with respect to deCODE's closing procedures. On this news, deCODE's stock fell to $5.70 per share, almost 60% below the Class Period high of $13.80 per share.

If you are a member of the class, you may, no later than November 1, 2004, 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 sn06106@aol.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/.

CONTACT: Wayne T. Boulton Tel.: (800) 797-5499 Website: http://www.snlaw.net/ e-mail: sn06106@aol.com

CONTACT: Wayne T. Boulton of Schatz & Nobel, +1-800-797-5499,sn06106@aol.com

Web site: http://www.snlaw.net/