DALLAS, Aug. 25, 2004 LAWFUEL – Best for law, law news, legal news, law research The law firm of Baron & Budd, P.C. announces that it has filed a class action lawsuit in the United States District Court for the Southern District of Florida on behalf of purchasers of PetMed Express, Inc. (Nasdaq: PETS – News; “PetMed” or the “Company”) securities during the period between June 18, 2003 and July 26, 2004, inclusive (the “Class Period”).
PetMed has consistently promoted itself as an affordable source of everyday brand-name pharmaceutical and non-pharmaceutical products to treat dogs and cats afflicted with fleas, ticks and heartworm, among other ailments. During the Class Period however, the Complaint alleges that PetMed and its executives failed to disclose that PetMed was failing in its business and resorting to threatening practices aimed at veterinarians to force them to authorize the refill of PetMed prescriptions. Further, the Complaint charges that PetMed could not guarantee the quality, safety or efficacy of PetMed drugs because, as an unauthorized reseller of many products, the Company had to obtain such products through unauthorized channels, which indeed prompted veterinarians to refuse refilling prescriptions through PetMed. Additionally and in support of the Complaint’s alleged fraudulent scheme, the Company’s executives are alleged to have sold $65 million of their personal holdings in PetMed stock while the stock was performing at artificially inflated levels due to the Defendants’ concealment of material information from the investing public.
On July 26, 2004, defendants stunned the market when they belatedly disclosed that the Company was operating well below defendants’ previous guidance and that PetMed revenues and earnings were well below plan. Shares of PetMed fell $2.07 per share or 29.70 percent, on July 26, 2004, to close at $4.90 per share.
If you bought the securities of PetMed during the Class Period and sustained damages, you may, no later than October 18, 2004, move for appointment of lead plaintiff on behalf of the proposed class. In order to serve as a lead plaintiff you must meet certain legal requirements.
If you are a member of this class and would like to view a copy of the complaint and join this class action, please visit Baron & Budd online. Information on your legal rights can be obtained by contacting the law firm of Baron & Budd.
About Baron & Budd, P.C.
Since 1977, the law firm Baron & Budd, P.C. has championed the rights of people and communities harmed by corporate misconduct. With over 70 attorneys and offices in Texas, Illinois, Ohio, Louisiana, and New York, Baron & Budd enjoys a national reputation as a leader of the plaintiffs’ bar. The firm represents individuals injured by asbestos, benzene, other toxic substances, and unsafe pharmaceuticals; water authorities seeking clean-up costs for drinking water contamination; securities’ investors defrauded by corporate wrongdoing; and consumers in class actions. For more information, call 1-800-222-2766 or visit http://www.baronandbudd.com .