Distractions...
(as an aside, should not leeches, touting for business like this, be required to state what percentage of their "aggregate recoveries" they have dunned their clients for ?)...
NEW YORK--(BUSINESS WIRE)--March 19, 2003--The law firm of Milberg Weiss Bershad Hynes & Lerach LLP announces that a class action lawsuit was filed on March 19, 2003, on behalf of purchasers of the American Depositary Receipts ("ADRS") of Bayer AG (NYSE:BAY - News) between March 2, 1998 and February 21, 2003, inclusive, (the "Class Period"), and who suffered damages thereby. (Prior to January 23, 2002, Bayer AG traded on the Nasdaq under the symbol BAYZY.)
A copy of the complaint filed in this action is available from the Court, or can be viewed on Milberg Weiss' Web site at: milberg.com
The action, numbered 03-CV-1959, is pending in the United States District Court for the Southern District of New York against defendants Bayer, David Ebsworth, Manfred Schneider and Werner Wenning. The Honorable Shira A. Scheindlin is the Judge presiding over the action.
The complaint charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of materially false and misleading statements to the market between March 2, 1998 and February 21, 2003. Specifically, the complaint alleges that during the Class Period, defendants made false and misleading statements about the successful introduction and strong sales of the Company's new cholesterol fighting product, Baycol, and represented that the Company enjoyed and would continue to enjoy strong revenue, earnings and earnings per share growth as a result of the addition of Baycol to the Company's product line. The complaint further alleges that defendants also misrepresented that Baycol was safe for use by patients attempting to treat high cholesterol and did not present a significant risk of adverse side effects. In fact, Baycol was not safe but rather, dangerous to the public requiring the drug to be withdrawn. Baycol caused fatal Rhabdomyolysis in patients who used Baycol in combination with gemfibrozil, another lipid lowering drug, the complaint alleges. The Complaint further alleges that senior executives at Bayer were aware that Baycol had serious problems and presented health risks to patients long before the Company pulled the drug from the market in August 2001, and that defendants overstated Bayer's assets and understated its liabilities (totaling in excess of $257 million) associated with the Company overcharging Medicaid, the United States government's health plan for the poor.
If you bought the securities of Bayer between March 2, 1998 and February 21, 2003, and sustained damages, you may, no later than May 12, 2003, 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 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 Web site 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 attorney: |
