John O'Quinn to Represent Biotech Firm in $250 Million Case Against Alleged Stock Manipulators
TUESDAY , SEPTEMBER 17, 2002 08:31 AM
MONTGOMERY, Texas, Sep 17, 2002 /PRNewswire-FirstCall via COMTEX/ -- Endovasc Ltd., Inc. (OTC Bulletin Board: ENVC) announced on Friday that the famous trial attorney, John M. O'Quinn, who has successfully sued tobacco companies, pharmaceutical companies, and breast implant manufacturers, had accepted the company's case for damages resulting from what Endovasc believes has been the manipulation of its stock. John O'Quinn was named one of the Nation's Top 10 Litigators and one of the 100 Most Influential Lawyers in America by the National Law Journal.
The company received an overwhelming amount of investor inquiries in response to its press release on Friday and would like to provide additional details on the case against stock manipulators.
"We are suing the alleged stock manipulators for $250 million. Even though the lawsuit is sizable, Endovasc is very fortunate, because John O'Quinn has agreed to be compensated on a results-only basis, i.e., on contingency. We believe that this clearly reflects Mr. O'Quinn's belief in the merits of our suit," says Dr. David P. Summers, Chairman and CEO of Endovasc.
"This lawsuit was filed on behalf of our shareholders who have been robbed by market manipulators and naked short-sellers, in an effort to restore value to our real investors and long term shareholders," adds Summers.
John O'Quinn and James W. "Wes" Christian represent several other bulletin board companies in their claims for damages against alleged stock manipulators. The cases claim alleged SEC 10b-5 violations, stock manipulation and fraudulent misrepresentation by alleged "investors" whose true intent allegedly was to drive down the company's stock prices through short-selling in order to receive much greater amounts of the company's shares when converting from preferred stock, debenture, or other convertible provision in financing deals with targeted bulletin board companies.
Endovasc Ltd., Inc., established in 1996, is a biotechnology company focused in the area of cardiovascular disease, pioneering drug delivery technology designed to deliver and release drugs to their intended targets in an efficient and controlled manner. The Company's pipeline of products and processes include: Liprostin(TM), ANGIOGENIX(TM) (Nicotine Receptor Agonist), PROStent(TM) stent-coating technology, and a biodegradable resorbable stent prosthesis.
The foregoing statements are made under the "Safe Harbor" Private Securities Litigation Reform Act of 1995 and may contain forward-looking statements that involve risks and uncertainties that may not be evident at the time of this release. For more information about Endovasc, please visit www.endovasc.com . (Investor questions and requests for materials can be submitted online.)
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SOURCE Endovasc Ltd., Inc.
CONTACT: Investor Relations, Endovasc Ltd., Inc., +1-936-448-2222, fax,
+1-936-582-2250, InvestorRelations@endovasc.com
URL: endovasc.com |
