CONSHOHOCKEN, Pa.- -LAWFUEL – The Law News Network – Oct. 20, 2005–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 District of New Jersey, on behalf of persons who purchased or otherwise acquired publicly traded securities of Barrier Therapeutics Inc. (“Barrier” or the “Company”) (NASDAQ:BTRX) between April 29, 2004 and June 29, 2005, inclusive, (the “Class Period”). The lawsuit was filed against Barrier 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 penny@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 December 12, 2005 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 and the Securities Exchange Act of 1934. Specifically, the complaint alleges that Barrier made a series of false and misleading statements concerning its business and products in development. More specifically, these statements were false and misleading because the Company failed to disclose or misrepresented that it had failed to perform its clinical trials according to FDA guidelines, as they failed to disclose they had substituted the petroleum base within Zimycan, and that the Company’s drug Hyphanox did not have a better safety profile than fluconazole/Diflucan.
On June 29, 2005, Barrier announced that its drug trials failed to demonstrate that Hyphanox worked as well as fluconazole. In reaction to this news, the share price of Barrier plummeted approximately 45%, or about $6.75 per share to below $8.00 per share on very heavy trading volume.
If you bought Barrier securities between April 29, 2004 and June 29, 2005, inclusive, and would like to obtain information about the lawsuit, then you are invited to call (888) 753-2796 to speak with an advisor.
