WASHINGTON, June 16, 2004 -LAWFUEL -The law firm of Cohen, Milstein, Hausfeld, & Toll, P.L.L.C. has filed a lawsuit on behalf of its client against Adolor Corporation (Nasdaq:ADLR) (“Adolor” or the “Company”) in the United States District Court for the Eastern District of Pennsylvania.
The complaint charges Adolor and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Adolor is a development-stage biopharmaceutical corporation that discovers, develops and plans to commercialize products to relieve pain while reducing the side effects of currently marketed narcotics.
Plaintiff alleges that defendants disseminated materially false and misleading statements causing investors to purchase Adolor common stock at artificially inflated prices during the period between September 23, 2003, and January 14, 2004, inclusive (the “Class Period”). Defendants’ materially false and misleading statements related to, among other things, the clinical trials for Adolor’s lead product candidate Entereg(TM), which is being developed to manage postoperative ileus, the gastrointestinal side effect which can affect millions of patients following many types of surgery. Plaintiff alleges that defendants were aware of significant and troubling relationships amongst and between the results for certain completed clinical studies, which could jeopardize the Company’s ability to get FDA approval of the Entereg(TM) new drug application (“NDA”). Plaintiff alleges that the defendants failed to properly address these concerns and inform the investing public of the risks they posed. Defendants, as alleged by plaintiff, instead provided misleading explanations for the results of these studies, leading to highly positive and encouraging conclusions regarding future studies and the likelihood of FDA approval of the Entereg(TM) NDA. Plaintiff alleges, however, that Defendants were aware from the beginning of the Class Period that the mixed results of certain studies could preclude FDA approval, but defendants chose to mislead the investing public rather than disclose the full nature of this risk.
If you purchased or acquired Adolor common stock during the Class Period, you may, no later than June 21, 2004, move the court to be appointed as Lead Plaintiff. There are certain legal requirements to serve as Lead Plaintiff.
Any member of the purported class may move the court to serve as Lead Plaintiff through counsel of their choice or may choose to remain an absent class member. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as Lead Plaintiff. To be a member of the class, you need not take any action at this time.
Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has significant experience in prosecuting investor class actions and actions involving securities fraud. The firm has offices in Washington, D.C., New York and Chicago, and is active in major litigation pending in federal and state courts throughout the nation. You may visit the firm’s website at www.cmht.com.
The firm’s reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total in the billions of dollars.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Cohen, Milstein, Hausfeld & Toll, P.L.L.C.
1100 New York Avenue, N.W.
West Tower — Suite 500
Washington, D.C. 20005
Telephone: 888-240-0775 or 202-408-4600