| Company: | AaiPharma Inc. |
| Ticker Symbol: | |
| Class Period: | July 23, 2003 through Feb. 4, 2004 |
| Court: | Eastern District, NC |
| Date Filed: | Feb-14-04 |
| Lead Plaintiff Deadline: | Apr-14-04 |
| Allegations: |
A class action lawsuit has been filed against Wilmington-based AaiPharma Inc. alleging securities violations, according to a statement issued by the law firm Friday afternoon.
The suit was filed in the United States District Court for the Eastern District of North Carolina on behalf of investors who bought the company's common stock from July 23, 2003 through Feb. 4, 2004.
The complaint names the company, Chief Executive Officer Philip S. Tabbiner and Chief Financial Officer William L. Ginna Jr. as defendants.
The complaint alleges that the defendants issued statements concerning the company's financial results, which failed to disclose or misrepresented the following facts:
(1) that the company's core business plan was deteriorating;
(2) that the company was unloading inventory onto wholesalers in order to make sales;
(3) that the aforementioned practice was necessary because the company needed to keep its stock price up in order to fend off a third-party suitor;
(4) that the company was improperly recognizing revenue, in violation of Generally Accepted Accounting Principles from sales that were not complete; and
(5) as a result, the company's financial results were materially inflated at all relevant times.
The suit seeks to recover unspecified damages on behalf of class members.
AaiPharma shares closed at $19.46 Friday, up 4 percent for the day. In after-hours trading, the stock was down little over 1 percent.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The suit was filed in the United States District Court for the Eastern District of North Carolina on behalf of investors who bought the company's common stock from July 23, 2003 through Feb. 4, 2004.
The complaint names the company, Chief Executive Officer Philip S. Tabbiner and Chief Financial Officer William L. Ginna Jr. as defendants.
The complaint alleges that the defendants issued statements concerning the company's financial results, which failed to disclose or misrepresented the following facts:
(1) that the company's core business plan was deteriorating;
(2) that the company was unloading inventory onto wholesalers in order to make sales;
(3) that the aforementioned practice was necessary because the company needed to keep its stock price up in order to fend off a third-party suitor;
(4) that the company was improperly recognizing revenue, in violation of Generally Accepted Accounting Principles from sales that were not complete; and
(5) as a result, the company's financial results were materially inflated at all relevant times.
The suit seeks to recover unspecified damages on behalf of class members.
AaiPharma shares closed at $19.46 Friday, up 4 percent for the day. In after-hours trading, the stock was down little over 1 percent.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
