Law Offices of Howard G. Smith Announces Class Action Lawsuit on Behalf of Investors of PharmaNet Development Group, Inc.
24 November 2008 - 8:10AM
PR Newswire (US)
BENSALEM, Pa., Nov. 23 /PRNewswire/ -- Law Offices of Howard G.
Smith announces that a class action lawsuit has been filed in the
United States District Court for the District of New Jersey against
PharmaNet Development Group, Inc. ("PharmaNet" or the "Company")
(NASDAQ:PDGI), on behalf of all persons who purchased or otherwise
acquired the Company's common stock between November 1, 2007 and
April 30, 2008. The complaint alleges that the Company and certain
of its executive officers violated federal securities laws.
Specifically, the complaint alleges that certain public statements
made by PharmaNet during that period were materially false and
misleading because the statements failed to disclose or indicate,
among other things: (1) that a substantial portion of the contracts
in the Company's backlog were likely to be cancelled; (2) that the
Company had increased its expenses in order to perform these
contracts even though the contracts were likely to be cancelled;
and (3) that as a result, statements made by the Company and
management during that period about the Company's business,
operations, and prospects lacked a reasonable basis. On April 30,
2008 PharmaNet announced that it was revising downward its
previously issued revenue guidance for 2008. The Company explained
that cancellations over the fourth quarter of 2007 and the first
quarter of 2008 of approximately $59 million would negatively
impact projected revenues for 2008 by approximately $30 million. On
this news, PharmaNet's shares declined $6.76 per share, or 28.33
percent, to close on May 1, 2008 at $17.10 per share, on unusually
heavy trading volume. If you are a member of the class described
above, you may move the Court, no later than January 19, 2009 to
serve as lead plaintiff, however, you must meet certain legal
requirements. If you purchased PharmaNet's common stock between
November 1, 2007 and April 30, 2008 or if you have information or
would like to learn more about these claims, or if you wish to
discuss these matters or have any questions concerning this
announcement or your rights or interests with respect to these
matters, please contact Howard G. Smith, Esquire, of Law Offices of
Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem,
Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at
(888) 638-4847, or by email to . DATASOURCE: Law Offices of Howard
G. Smith CONTACT: Howard G. Smith, Esquire, of Law Offices of
Howard G. Smith, +1-215-638-4847, or 1-888-638-4847,
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