Scott + Scott, LLC Shareholder Files Securities Action Against GlaxoSmithKline plc; In New Jersey, Able Labs Stops all Shipments and the CEO Resigns
Law Firm Noted For Its Work As Lead Counsel In The ImClone Securities Litigation and Its Work In The Merck, Pfizer, Rhodia, Bradley, Forest Labs and Other Litigation In The Pharmaceutical Industry
COLCHESTER, CT (PRWEB) May 22, 2005 -- Scott + Scott, LLC, which filed a securities class action lawsuit on behalf of a client shareholder against GlaxoSmithKline plc (NYSE: GSK) on or around May 12, 2005 in the United States District Court for the Eastern District of Pennsylvania, states that it is prepared to litigate the case in this GSK industry center. Those who purchased securities in Glaxo between February 4, 2001 and August 5, 2004 are members of the purported class. Able Laboratories, Inc. (NASDAQ:ABRX)of New Jersey stunned the market on Thursday when it announced that it had stopped shipment of all products. Further, Ables CEO and Chairman Dhananjay G. Wadekar resigned and the Company withdrew financial guidance. Wadekar sold significant amounts of his own stock during the class period. Abelss shares plunged yesterday almost 75% from $18.37 per share to $6.26 per share on127 times its daily volume. Abel stated to the Financial News that this situation would have a material effect" on its sales goals and operating objectives. You can receive copies of the GlaxoSmithKline and/or the Abel complaints from Scott + Scott, LLC (contact information below).
The Glaxo complaint alleges that GlaxoSmithKline and certain individual officers and directors with violations of the federal securities laws (Securities Exchange Act of 1934). GSK, with its subsidiaries, is a global healthcare conglomerate engaged in all phases of the pharmaceutical and consumer health-related products industry. GlaxoSmithKline's Philadelphia Headquarters are located at One Franklin Plaza, 16th and Race Streets, Philadelphia. In an agreement dated July 27, 2004 attached as an exhibit to a government filing, it states that, 28 Governing Law This Agreement shall be deemed a contract made under, and for all purposes shall be construed in accordance with, the laws of the Commonwealth of Pennsylvania. Each of the parties submits to the exclusive jurisdiction of the Commonwealth of Pennsylvanias courts as regards any claim or matter under this Agreement."
You can reach attorney Neil Rothstein at nrothstein@scott-scott.com at 800/332-2259 or 619/233-4565. If need be, you can also reach him at 619/251-0887. Attorney Amy K. Saba can be contacted at those numbers, as well, or at asaba@scott-scott.com .
During the Class Period, it is alleged that the prices of GlaxoSmithKline's stock and ADRs were artificially inflated by defendants concealing deficiencies with the Company's selective serotonin reuptake inhibitor ("SSRI") drug, Paxil, in treating adolescent depression. On August 5, 2004, The Wall Street Journal published an article that reported that a new analysis by the FDA had confirmed the link between SSRIs (including Paxil) and suicidal tendencies in young people. The prices of GlaxoSmithKline's stock and ADRs, which were inflated during the Class Period, declined from about $55 per share to $40 per share as the falsity of defendants' statements came to light.
Scott + Scott, a Connecticut-based law firm with offices in Chagrin Falls, Ohio and San Diego, California, is a law firm with a national practice and reputation. The firm is currently litigating major securities, antitrust and employee retirement plan cases throughout the United States and represents pension funds, charities, foundations, individuals and other entities worldwide -- in both class and non-class cases. Scott + Scott dedicates itself to client communication and satisfaction. Please visit our website at http://www.scott-scott.com (under reconstruction) to learn more about the firm, its practice and other cases. If you wish to discuss this action with an attorney or have any questions concerning this notice, your rights or any matter within our expertise, please contact attorney Neil Rothstein or Amy K. Saba at asaba@scott-scott.co. Or by calling 800-404-7770 (EST) by 12:00 p.m. or 800-332-2259 (PST) thereafter. You can dial direct in California at 619-233-4565.
Scott + Scott, LLC is based at 108 Norwich Avenue, Colchester, CT 06415; phone: 860/537-3818; fax: 860/537-4432. This release is issued in accordance with the applicable U.S. federal law.
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