Goodkind Labaton Rudoff & Sucharow LLP Files Class Action Lawsuit Against InterMune, Inc.
Thursday June 26, 3:17 pm ET
NEW YORK--(BUSINESS WIRE)--June 26, 2003--Goodkind Labaton Rudoff & Sucharow LLP filed a class action lawsuit on June 25, 2003 in the United States District Court for the Northern District of California, (the "Court"), on behalf of all purchasers of the securities of InterMune, Inc. ("InterMune" or the "Company")(NASDAQ: ITMN - News) during the period January 6, 2003 to June 11, 2003, inclusive (the "Class").
The Complaint charges that Defendants, InterMune and the Company's CEO, W. Scott Harkonen, violated Section 10(b) and 20(a) of the Securities Exchange Act of 1934 by making false and misleading statements about one of the its leading products, Actimmune. Specifically, the complaint alleges that defendants were aware that demand for Actimmune was declining because: (1) the most recent clinical study showed that Actimmune was not effective in the treatment of certain pulmonary diseases, (2) Actimmune inventory levels were increasing, and (3) doctor demand was falling due, in part, to the Company's decision to curtail physician education, the lifeblood of InterMune's off-label sales of Actimmune. However, despite this knowledge, the Company falsely stated during the class period that it was on course to meet projected revenue figures, which had not been previously reduced to reflect lowered demand for the drug.
On June 11, 2003, the Company announced that it was cutting its 2003 revenue guidance figures and slashing projected earnings from Actimmune. The Company also announced it had overstated the number of patients using Actimmune and that, contrary to its earlier representations, demand for Actimmune from physicians was flat. These disclosures sent the Company's stock price plummeting to $16.74, a 33% one-day fall.
If you bought InterMune common stock between January 6, 2003 and June 11, 2003, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than August 26, 2003. If you would like to consider serving as lead plaintiff or have any questions about the lawsuit, please contact Chris Keller by email at ckeller@glrslaw.com or at 212/907-0700. |
