Coughlin Stoia Geller Rudman & Robbins LLP (“Coughlin Stoia”) (http://www.csgrr.com/cases/novartis/) today announced that a class action has been commenced in the United States District Court for the District of New Jersey on behalf of purchasers of Novartis AG (“Novartis”) (NYSE:NVS) publicly traded securities during the period between June 14, 2006 and July 17, 2007 (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Darren Robbins of Coughlin Stoia at 800/449-4900 or 619/231-1058, or via e-mail at djr@csgrr.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.csgrr.com/cases/novartis/. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Novartis and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Novartis engages in the research, development, manufacture, and sale of health care products.
The complaint alleges that throughout the Class Period, Novartis failed to disclose adverse information regarding the Company’s research into a potential new cancer drug, Tasigna, which caused the Company’s shares to trade at artificially inflated prices during the Class Period. On July 17, 2007, the Company issued a press release announcing that the FDA had requested a three-month extension in the regulatory review period for Tasigna. Following the FDA disclosure of the safety data for Tasigna, which defendants had known for several months, Novartis’s share price declined from $55.45 to $53.36 in two days.
Plaintiff seeks to recover damages on behalf of all purchasers of Novartis publicly traded securities during the Class Period (the “Class”). The plaintiff is represented by Coughlin Stoia, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Coughlin Stoia, a 190-lawyer firm with offices in San Diego, San Francisco, Los Angeles, New York, Boca Raton, Washington, D.C., Houston and Philadelphia, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. Coughlin Stoia lawyers have been responsible for more than $45 billion in aggregate recoveries. The Coughlin Stoia Web site (http://www.csgrr.com) has more information about the firm.
Contacts:
Darren Robbins,
800/449-4900 or 619/231-1058
djr@csgrr.com
