MINNEAPOLIS, July 13, 2007 LAWFUEL – The Law Newswire — Charles H. Johnson & Associates announces that a class action has been commenced in the United States District Court for the Southern District of New York, on behalf of purchasers of GlaxoSmithKline PLC (“GSK” or the “Company”)
(NYSE:GSK) publicly traded securities during the period October 27,
2005 through May 21, 2007 (the “Class Period).
If you are a member of the proposed Class, you may move the court to serve as a lead plaintiff for the Class on or before August 10, 2007.
You do not need to be a lead plaintiff in order to share in any recovery that may be obtained.
The Complaint alleges that GSK failed to adequately disclose the fact that it had performed a meta-analysis (a pooled analysis of several clinical trials) related to Avandia which showed an increased risk of heart attacks. Preliminary results of this analysis were presented to the FDA in September 2005 and updated results were disclosed to the FDA in August 2006. However, results of GSK’s meta-analysis were never adequately disclosed to the investing public.
As alleged in the Complaint, on May 21, 2007, before the close of trading, the results of a meta-analysis on Avandia conducted by a doctor with the Cleveland Clinic was reported and published in the New England Journal of Medicine (the “Journal”). Similar to GSK’s meta-analysis conducted in 2005 and 2006, results of the meta-analysis published in the Journal revealed that Avandia increased the risk of heart attacks and possibly heart related deaths. As a result of the reports regarding the meta-analysis, the price of GSK securities declined $4.53 per share, or 7.8%, to close at $53.18 per share.
If you purchased GlaxoSmithKline PLC securities during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact:
Neal Eisenbraun, Esq. ([email protected])
Charles H. Johnson & Associates
2599 Mississippi Street
New Brighton, MN 55112