The Law Firm Of Lasky & Rifkind, Ltd. Announces Class Action Lawsuit Against Watson Pharmaceuticals, Inc.
NEW YORK--(BUSINESS WIRE)--Nov. 14, 2003--Lasky & Rifkind, Ltd., a law firm with offices in New York and Chicago, announces that a lawsuit has been filed in the United States District Court for the Central District of California, on behalf of persons who purchased or otherwise acquired publicly traded securities of Watson Pharmaceuticals Inc. ("Watson" or the "Company") (NYSE:WPI - News) between November 2, 1999 and November 13, 2001, inclusive, (the "Class Period"). The lawsuit was filed against Watson and certain officers and directors.
If you are a member of this class and wish to view a copy of a complaint and join this class action, please e-mail us at investorrelations@laskyrifkind.com and request a copy of the complaint and a plaintiff certification. If you are a member of the Class, you may move the Court no later than January 12, 2004 to serve as a lead plaintiff for the Class. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. However, if you choose to remain an absent class member, unless and until a class is certified, you are not represented by counsel.
The complaint alleges that Watson and certain officers and directors violated Sections 10(b) and 20(a) of the Securities and Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing materially false and misleading statements. In particular, the Complaint alleges that Defendants' failed to disclose or misrepresented that Watson was materially overstating its results due to failing to write down the value of its inventory and certain assets and that Watson was experiencing increased competition and manufacturing problems with its generic drugs. Based on the foregoing, Defendants lacked a reasonable basis to make these statements.
On November 13, 2001, Watson rocked the market when it announced its third quarter financial results for 2001, which dramatically missed expectations. At that time the company announced that it was writing off $20 million in additional impaired inventory. In response to the negative preannouncement, Watson common stock plummeted, trading down approximately $20 per share to close at $28.54 per share, on volume nearly 20 times its average volume.
If you bought Watson securities between November 2, 1999 and November 13, 2001, inclusive, and would like to obtain information about the lawsuit, then you are invited to call (800) 495-1868 to speak with an advisor.
Contact:
The Law Firm of Lasky & Rifkind, Ltd. Leigh Lasky, Esq., 800-495-1868
Source: The Law Firm of Lasky & Rifkind, Ltd.