| Company: | Ligand Pharmaceuticals, Inc. |
| Ticker Symbol: | NASD: LGND |
| Class Period: | March 3, 2004 to August 2, 2004 |
| Date Filed: | Aug-17-04 |
| Lead Plaintiff Deadline: | Oct-08-04 |
| Court: | Southern District, CA |
| Allegations: |
A securities class action lawsuit was commenced in the United States District Court for the Southern District of California, on behalf of purchasers of the common stock of Ligand Pharmaceuticals, Inc. ("Ligand" or the "Company") (Nasdaq:LGND) between March 3, 2004 through August 2, 2004, inclusive (the "Class Period").
The Complaint alleges that Ligand and David E. Robinson and Paul V. Maier ("Defendants") violated the federal securities laws by issuing materially false and misleading statements during the Class Period. In violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The complaint alleges that the Defendants failed to disclose and/or misrepresented that inventory de-stocking at the wholesale level was occurring because the Company was unloading Avinza inventory which was about to expire, that the overall demand of the Company's products was down due to inventory de-stocking, and that Medicaid prescriptions were increasing, causing the Company to pay large rebates to Medicaid and that in fact the increase in rebates was not a one-time occurrence.
On August 3, 2004, Ligand announced that its second-quarter loss increased, and that its outside auditor had resigned. Shares of Ligand fell almost 40% or $5.40 per share to close at $8.18 per share. If you purchased Ligand securities during the Class Period, you may, no later than October 8, 2004, move to be appointed as a Lead Plaintiff in this class action. A Lead Plaintiff is a representative, chosen by the Court, that acts on behalf of other class members in directing the litigation. The Private Securities Litigation Reform Act of 1995 directs Courts to assume that the class member(s) with the "largest financial interest" in the outcome of the case will best serve the class in this capacity. Courts have discretion in determining which class member(s) have the "largest financial interest," and have appointed Lead Plaintiffs with substantial losses in both absolute terms and as a percentage of their net worth.
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 Complaint alleges that Ligand and David E. Robinson and Paul V. Maier ("Defendants") violated the federal securities laws by issuing materially false and misleading statements during the Class Period. In violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The complaint alleges that the Defendants failed to disclose and/or misrepresented that inventory de-stocking at the wholesale level was occurring because the Company was unloading Avinza inventory which was about to expire, that the overall demand of the Company's products was down due to inventory de-stocking, and that Medicaid prescriptions were increasing, causing the Company to pay large rebates to Medicaid and that in fact the increase in rebates was not a one-time occurrence.
On August 3, 2004, Ligand announced that its second-quarter loss increased, and that its outside auditor had resigned. Shares of Ligand fell almost 40% or $5.40 per share to close at $8.18 per share. If you purchased Ligand securities during the Class Period, you may, no later than October 8, 2004, move to be appointed as a Lead Plaintiff in this class action. A Lead Plaintiff is a representative, chosen by the Court, that acts on behalf of other class members in directing the litigation. The Private Securities Litigation Reform Act of 1995 directs Courts to assume that the class member(s) with the "largest financial interest" in the outcome of the case will best serve the class in this capacity. Courts have discretion in determining which class member(s) have the "largest financial interest," and have appointed Lead Plaintiffs with substantial losses in both absolute terms and as a percentage of their net worth.
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.
