HARTFORD, Conn., Dec. 10 /PRNewswire/ -- A lawsuit seeking class action status has been filed in the United States District Court for the Central District of California on behalf of all persons who purchased the common stock of Watson Pharmaceuticals, Inc. (“Watson” or the “Company”) from November 2, 1999 through November 13, 2001, inclusive (the “Class Period”). Also included are all those who acquired Watson’s shares through its acquisitions of Schein Pharmaceutical (formerly NYSE: SHP) and Makoff R&D Laboratories, Inc..
Plaintiffs are represented by the law firm of Schatz & Nobel, P.C., which has significant experience prosecuting class actions on behalf of investors. If you wish to discuss this action or have any questions, please contact attorney Nancy A. Kulesa at (800) 797-5499, or by e-mail: sn06106@aol.com. For more information about Schatz & Nobel, P.C. and class action cases, please visit our website: http://www.snlaw.net/.
The Complaint alleges that Watson, a company which manufactures, markets and distributes branded and generic pharmaceutical products, and certain of its officers and directors issued material misrepresentations. Specifically, defendants failed to disclose that Watson was materially overstating its financial results by failing to write down the value of its inventories and certain assets. It is also alleged that Watson was experiencing increased competition and manufacturing difficulties for its generic drugs. As a result, defendants were able to use millions of shares of Watson stock to acquire other businesses.
On November 13, 2001, Watson announced its financial results for the third quarter of 2001, which were well below expectations. Additionally, Watson announced that it was writing off almost all of its investment in Dilacor XR and over $20 million in additional impaired inventory. On this news, shares of Watson fell almost $20, to close at $28.54 per share. During the class period, Watson traded as high as $71.50 per share.
Plaintiffs seek to recover damages on behalf of all Class Members. If you purchased or otherwise acquired Watson from November 2, 1999 through November 13, 2003 inclusive, and wish to act as a lead plaintiff, you may move the Court to act in that capacity not later than January 12, 2004. If you wish to discuss your rights as lead plaintiff or as a class member, please contact Schatz & Nobel, P.C. toll-free at (800) 797-5499, or by e-mail: sn06106@aol.com.
CONTACT: Nancy A. Kulesa Tel.: (800) 797-5499 Website: http://www.snlaw.net/ e-mail: sn06106@aol.com
Schatz & Nobel, P.C.
CONTACT: Nancy A. Kulesa of Schatz & Nobel, P.C., +1-800-797-5499,sn06106@aol.com
Web site: http://www.snlaw.net/
