November 17, 2003
Cauley Geller Announces Class Action Lawsuit Against Gilead Sciences, Inc. On Behalf of Investors;
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.
If you bought Gilead Sciences publicly traded securities between July 14, 2003 and October 28, 2003, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than January 12, 2004. If you are a member of this class, you can join this class action online at http://www.cauleygeller.com/template8.asp?pcode=6&pp=1 . Any member of the purported class may move the Court to serve as lead plaintiff through Cauley Geller or other counsel of their choice, or may choose to do nothing and remain an absent class member.
Cauley Geller is a national law firm that represents investors and consumers in class action and corporate governance litigation. It is one of the country's premiere firms in the area of securities fraud, with in-house finance and forensic accounting specialists and extensive trial experience. Since its founding, Cauley Geller has recovered in excess of two billion dollars on behalf of aggrieved shareholders. The firm maintains offices in Boca Raton, Little Rock and New York.
If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's website at www.cauleygeller.com .
Contact: CAULEY GELLER BOWMAN & RUDMAN, LLP Samuel H. Rudman, Esq. or David A. Rosenfeld, Esq. Client Relations Department: Jackie Addison or Heather Gann P.O. Box 25438 Little Rock, AR 72221-5438 Toll Free: 1-888-551-9944 Fax: 1-501-312-8505 E-mail: firstname.lastname@example.org