| Company: | PharmaNet Development Group, Inc |
| Ticker Symbol: | PDGI |
| Class Period: | Nov-1-07 to Apr-30-08 |
| Date Filed: | Nov-24-08 |
| Lead Plaintiff Deadline: | Jan-23-09 |
| Court: | District of New Jersey |
| Allegations: | |
The complaint alleges that, during the Class Period, defendants made false and misleading statements to the market about the Company, its business, backlog and earnings guidance. For example, defendants allegedly failed to disclose that: (i) the Company's backlog contained numerous contracts which were likely to be cancelled; (ii) the Company had ramped up expenses in order to perform contracts even though there was a substantial likelihood that the contracts would be cancelled; (iii) the Company was entering into contracts with highly risky biotechnology and pharmaceutical companies where the risk that the contract would be cancelled was greatly increased; and (iv) given the foregoing, defendants lacked a reasonable basis for their positive statements about the Company. On April 30, 2008, PharmaNet issued a press release announcing its financial results for the first quarter of 2008. For the quarter, the Company reported direct revenue of $86.8 million and backlog of $482.9 million. In response to the announcement, the price of PharmaNet stock dropped from $23.86 per share to $17.10 per share on extremely heavy trading volume.
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.
