Shareholder Class Action Filed Against Gilead Sciences, Inc. by the Law Firm of Schiffrin & Barroway, LLP

BALA CYNWYD, Pa., Nov. 17 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:

Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Northern District of California on behalf of all purchasers of publicly traded securities of Gilead Sciences, Inc. ("Gilead" or the "Company") (Nasdaq: GILD - ) from July 14, 2003 through October 28, 2003, inclusive (the "Class Period").

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) toll-free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.

The complaint alleges that defendants Gilead Sciences, Inc., John C. Martin, John F. Milligan, Mark L. Perry, Norbert W. Bischofberger, Anthony Carraciolo, and William A. Lee violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between July 14, 2003 through October 28, 2003. More specifically, the complaint alleges that the defendants' statements were materially false and misleading because they failed to disclose and/or misrepresented the following adverse facts: (1) that Gilead was aware that its revenue was not increasing due to sales of its drug Viread; (2) that Gilead was aware that Viread sales had only increased because wholesalers bought an excessive amount of the drug before July 27, 2003 in an attempt to avoid the price increase scheduled for July 27, 2003; (3) that Gilead was aware that its wholesalers' over-buying of Viread to avoid the price increase accounted for $33 to $37 million, not the $25 to $30 million that Gilead originally purported; and (4) that Gilead was aware that the wholesaler over-buying would decrease projected revenue in the future.

On October 28, 2003, Gilead announced that sales of Viread in the third quarter 2003 would be less than expected due to an inventory buildup by wholesalers. The market reacted swiftly to this news, with the Company's stock falling 12%, or $7.46 per share from a high of $59.46 per share on October 28, 2003 to close at $52.00 per share on October 29, 2003.

Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com/currentcases.cfm.

If you are a member of the class described above, you may, not later than January 12, 2004, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. You may retain Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action.

    CONTACT:  Schiffrin & Barroway, LLP
              Marc A. Topaz, Esq.
              Stuart L. Berman, Esq.
              Three Bala Plaza East, Suite 400, Bala Cynwyd, PA  19004
              1-888-299-7706 (toll free) or 1-610-667-7706
              Or by e-mail at info@sbclasslaw.com