NEW YORK--(BUSINESS WIRE)--Nov. 13, 2003--Milberg Weiss announces that a class action lawsuit has been commenced against Gilead Sciences, Inc., John C. Martin, John F. Milligan, Mark L. Perry, Norbert W. Bischofberger, Anthony Carraciolo, and William A. Lee. The lawsuit, civil action number C-03-4999, is pending in the United States District Court for the Northern District of California. The lawsuit was filed on behalf of purchasers of Gilead Sciences, Inc. (“Gilead” or the “Company”) (NASDAQ: GILD - News) securities during the period July 14, 2003 and October 28, 2003, inclusive (the “Class Period”). A copy of the complaint is available from the Court or on our website at http://www.milberg.com/cases/gilead/
The complaint charges Gilead and certain of its officers and directors with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated by the SEC. The complaint alleges that in an effort to allow Gilead insiders to sell their Gilead stock at artificially inflated prices, defendants falsely represented that strong sales of Viread, the Company’s HIV drug, during the second quarter of 2003 was due to an increase in prescriptions and not, as some analysts had cautioned, due to inventory build-up by distributors stocking up ahead of a price increase. Such statements were materially false and misleading because, as defendants knew or recklessly disregarded, a material portion of the second quarter Viread sales were attributable to distributors stocking up ahead of a price increase. Gilead insiders sold a total of 303,981 shares in August 2003 at artificially inflated prices, reaping gross proceeds of $19,365,998. On October 28, 2003, Gilead announced that sales of Viread in the third quarter of 2003 would be materially less than expected because distributors would meet end-user demand for Viread by selling off overstock they accumulated in the second quarter. In reaction to this announcement, the price of Gilead common stock plummeted, falling $7.46 in one day, from a close of $59.46 per share on October 28, 2003 to $52 per share on October 29, 2003.
If you bought the securities of Gilead Corp., between July 14, 2003 and October 28, 2003 and sustained damages, you may, no later than January 12, 2004, 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 of whether or not to serve as a lead plaintiff. You may retain Milberg Weiss Bershad Hynes & Lerach LLP, or other counsel of your choice, to serve as your counsel in this action.
Milberg Weiss Bershad Hynes & Lerach LLP (http://www.milberg.com) is a 190-lawyer firm with offices in New York City, San Diego, San Francisco, Los Angeles, Boca Raton, Philadelphia and Seattle, and is active in major litigations pending in federal and state courts throughout the United States. Milberg Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers, and others, and has been responsible for more than $20 billion in aggregate recoveries. Please contact the Milberg Weiss website for more information about the firm. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following attorneys:
Steven G. Schulman, Peter E. Seidman or Andrei V. Rado One Pennsylvania Plaza, 49th fl. New York, NY, 10119-0165 Phone number: (800) 320-5081 Email: gileadcase@milberg.com Website: http://www.milberg.com
Contact:
Milberg Weiss Bershad Hynes & Lerach LLP, New York Steven G. Schulman, Peter E. Seidman or Andrei V. Rado 800-320-5081 gileadcase@milberg.com
Source: Milberg Weiss Bershad Hynes & Lerach LLP
