Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Biotech / Medical : Biotech vs. Shorts -- Ignore unavailable to you. Want to Upgrade?

To: Harold Conn who wrote (281)	11/23/1999 1:51:00 PM
From: Biomaven	Read Replies (1) \| Respond to of 427

Well I never dreamt I would ever repost one of these, but seeing it's actually on-point to our earlier discussion, here goes: Tuesday November 23, 12:41 pm Eastern Time Company Press Release SOURCE: Beatie and Osborn LLP Nationwide Class Action Filed On Behalf of Ribozyme Pharmaceuticals, Inc. Shareholders NEW YORK, Nov. 23 /PRNewswire/ -- If you acquired shares of Ribozyme Pharmaceuticals, Inc. (''Ribozyme'') (Nasdaq: RZYM - news) between the close of trading on November 15, 1999 and November 17, 1999, we are required, by federal law (Section 21D(a)(3)(A) of the Private Securities Litigation Reform Act of 1995) to inform you of the following: On November 19, 1999, a lawsuit was filed in U.S. District Court in Colorado against Ribozyme and its CEO and President Ralph E. Christoffersen. The lawsuit, which seeks nation wide class action status, was filed on behalf of investors who acquired Ribozyme common stock between the close of trading on November 15, 1999 and November 17, 1999 (the ''Class Period''). The lawsuit alleges that defendants misled investors by issuing a false press release on November 15 headlined ''Colorado Pharmaceutical Co. Makes Cancer Drug History,'' stating that Angiozyme, one of the Company's drugs in development, ''has taken an important step forward... making both clinical history and industry news'' and that a press conference will be held on November 17 at which the Company's ''CEO and President, Ralph E. Christoffersen, Ph.D. ...will explain Angiozyme and its recent history-making leap, an achievement which may be of great significance to cancer patients everywhere.'' As a result, Ribozyme common stock increased from $10 5/8 to as high as $22 per share. Ultimately, investors discovered the Company had no ''history-making progress'' to report but was merely announcing that Angiozyme had entered Phase I/II testing -- a development the Company had twice previously indicated would occur before the end of 1999. Ribozyme shares then declined to close at $9-5/16 per share on November 17, 1999. The lawsuit seeks to recover damages suffered by Ribozyme investors as a result of defendants' improper conduct. Daytrader class actions - what will they think of next? (I'm pretty sure I don't actually want to know. <g>) Peter