NEW YORK, April 14, 2005 (PRIMEZONE) -- According to Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com), which has filed a class action lawsuit against Bradley Pharmaceuticals, Inc. ("Bradley" or the "Company") (NYSE:BDY) and certain of its officers, on behalf of purchasers of the common stock of Bradley during the period from October 8, 2003 to February 25, 2005, inclusive (the "Class Period"), investors have until May 2, 2005 to seek appointment by the Court as one of the lead plaintiffs in the action.
Bradley is a specialty pharmaceutical company that acquires, develops and markets prescription and over-the-counter products. The complaint alleges that, throughout the Class Period, defendants violated the federal securities laws by disseminating false and misleading material statements about Bradley's sales, income, costs, expenses and earnings, thereby inflating Bradley's stock price. The complaint also charges that defendants were further motivated to engage in this course of conduct in order to enter into a new $125 million credit facility on more favorable terms than they would have had the truth been known. On February 28, 2005, the Company issued a press release announcing that, since December 2004, the staff of the Securities and Exchange Commission had been conducting an inquiry of the Company to determine whether there have been violations of the federal securities laws. In connection with the inquiry, the SEC staff has requested that the Company provide it with information and documents concerning revenue recognition and capitalization of certain payments. In light of the ongoing SEC staff inquiry and separate counsel's review, the Company announced that it would delay the release of its 2004 earnings. By the close of trading on February 28, 2005, the company's stock price was down almost 30% from the price at close of trading the day before.
A lead plaintiff acts on behalf of other class members in overseeing and directing the litigation. The Court must determine that the claim of the lead plaintiff is typical of the claims of other class members, and that lead plaintiff will adequately represent the class. Shareholders outside the United States may also join the action, regardless of where they live or which exchange was used to purchase the securities. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Carolyn S. Moskowitz (csmoskowitz@pomlaw.com) or Teresa L. Webb (tlwebb@pomlaw.com) of the Pomerantz Firm at 888.476.6529 (or 888.4-POMLAW), toll free. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Pomerantz Firm, which has offices in New York, Chicago and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 50 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. For more information about the Firm, visit our web site at www.pomlaw.com.