Izard Nobel LLP Announces Class Action Lawsuit Against PharmaNet Development Group, Inc.
22 November 2008 - 10:36AM
Marketwired
The law firm of Izard Nobel LLP, 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 New Jersey
on behalf of those who purchased the common stock of PharmaNet
Development Group, Inc. ("PharmaNet" or the "Company") (NASDAQ:
PDGI) between November 1, 2007 and April 30, 2008, inclusive (the
"Class Period").
The Complaint charges that PharmaNet and certain of its officers
and directors violated federal securities laws by issuing
materially false and misleading statements. Specifically,
defendants failed to disclose that: (i) the Company's backlog
contained numerous contracts which were likely to be cancelled;
(ii) PharmaNet had ramped up expenses in order to perform contracts
even though there was a substantial likelihood that the contracts
would be cancelled; (iii) the Company was entering into contracts
with highly risky biotechnology and pharmaceutical companies where
there was increased risk that the contracts would be cancelled; and
(iv) given the above factors, defendants lacked a reasonable basis
for their positive statements about PharmaNet, its business,
backlog and earnings guidance.
On April 30, 2008, PharmaNet issued a press release announcing
its financial results for the first quarter of 2008. The Company
reported direct revenue of $86.8 million and backlog of $482.9
million. On this news, PharmaNet stock fell from $23.86 to $17.10
per share on May 1, 2008.
If you are a member of the class, you may, no later than January
19, 2009, 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.
While Izard Nobel LLP has not filed a lawsuit against the
defendants, to view a copy of the Complaint initiating the class
action or for more information about the case, and your rights,
visit: www.izardnobel.com/pharmanet/, or contact Izard Nobel LLP
toll-free at (800) 797-5499, or by e-mail: firm@izardnobel.com. For
more information about class action cases in general, please visit
our website: www.izardnobel.com.
CONTACT: Nancy A. Kulesa or Wayne Boulton (800) 797-5499
www.izardnobel.com Email Contact
Pharmanet Development Grp (MM) (NASDAQ:PDGI)
Historical Stock Chart
From Jul 2024 to Aug 2024
Pharmanet Development Grp (MM) (NASDAQ:PDGI)
Historical Stock Chart
From Aug 2023 to Aug 2024
Real-Time news about Pharmanet Development Grp (MM) (NASDAQ): 0 recent articles
More Izard Nobel LLP News Articles