CONSHOHOCKEN, Pa.–LAWFUEL – Law News, Law Jobs Network–Goldman Scarlato & Karon, P.C., a law firm with offices in Pennsylvania and Ohio, announces that a lawsuit has been filed in the United States District Court for the Southern District of New York, on behalf of persons who purchased or otherwise acquired the common stock of Warner Chilcott Limited (“Warner Chilcott” or the “Company”) (NASDAQ:WCRX) pursuant and or traceable to the Company’s initial public offering (“IPO”) on or about September 20, 2006 through September 26, 2006, inclusive, (the “Class Period”). The lawsuit was filed against Warner Chilcott and certain officers and directors (“Defendants”).
If you are a member of this class and wish to view a copy of a complaint and join this class action, please e-mail us at info@gsk-law.com and request a copy of the complaint and a plaintiff certification. If you are a member of the Class, you may move the Court no later than January 2, 2007 to serve as a lead plaintiff for the Class. 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 alleges that Defendants violated the Securities Act of 1933. In particular, the complaint alleges the Company’s registration statement, in connection with its initial public offering (“IPO”), contained untrue statements of material facts and or omitted to state other facts necessary to make the statements not misleading. More specifically, the complaint alleges that the Company’s registration statement failed to disclose that at the time of the IPO, Warner Chilcott had stopped shipments of Ovcon 35, eliminating a valuable revenue stream for the Company.
On September 26, 2006, the Company announced developments in a lawsuit brought against it by the Federal Trade Commission. Additionally, the Company also filed a supplement to its initial registration statement, in which it disclosed that it had stopped shipments of Ovcon 35 in September. In reaction to this news, shares of Warner Chilcott fell from $15.00 per share to $12.60 per share, a one-day decline of 16% on very heavy volume.
If you bought Warner Chilcott securities between September 20, 2006 and September 26, 2006, inclusive, and would like to obtain information about the lawsuit, then you are invited to call (888) 668-4130 to speak with an advisor.
