Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit against Inyx Inc.
Last update: 8/19/2008 2:20:01 PMNEW YORK, Aug 19, 2008 (BUSINESS WIRE) --
Coughlin Stoia Geller Rudman & Robbins LLP ("Coughlin Stoia") () today announced that a class action has been commenced in the United States District Court for the Southern District of New York by an institutional investor on behalf of purchasers of Inyx Inc. ("Inyx" or the "Company") (OTC: IYXI.PK) common stock during the period between March 31, 2005 and July 2, 2007 (the "Class Period"). If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Samuel H. Rudman or David A. Rosenfeld of Coughlin Stoia at 800/449-4900 or 619/231-1058, or via e-mail at djr@csgrr.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at . Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. The complaint charges Inyx and certain of its officers and directors, among others, with violations of the Securities Exchange Act of 1934. Inyx is a pharmaceutical company that develops and manufactures prescription and over-the-counter pharmaceutical products. The Company has operating subsidiaries in the United States and the United Kingdom. The complaint alleges that, during the Class Period, defendants made numerous statements about the Company's financial performance in both its public statements and in the filings that it made with the Securities and Exchange Commission. As alleged in the complaint, these statements were materially false and misleading because they failed to disclose: (i) that the Company was materially overstating its assets and revenues by creating false sales invoices, as these invoices were created before the items were billable and had not actually been issued to customers; (ii) that the Company was not following its publicly stated accounting policies; and (iii) as a result of the foregoing, the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principles and were therefore materially false and misleading. On July 2, 2007, after the market opened for trading, news services carried a report that Inyx had filed for Chapter 11 protection in the U.S. Bankruptcy Court in Delaware. In response to this announcement, the price of Inyx common stock plummeted, falling from $2.44 per share on June 29, 2007 to a low as $0.30 per share in intra-day trading on July 2, 2007, on extremely heavy trading volume of more than 7.7 million shares. Plaintiff seeks to recover damages on behalf of all purchasers of Inyx common stock during the Class Period (the "Class"). The plaintiff is represented by Coughlin Stoia, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud. Coughlin Stoia, a 190-lawyer firm with offices in San Diego, San Francisco, Los Angeles, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Coughlin Stoia Web site () has more information about the firm. SOURCE: Coughlin Stoia Geller Rudman & Robbins LLP
Coughlin Stoia Geller Rudman & Robbins LLPSamuel H. Rudman, 800-449-4900David A. Rosenfelddjr@csgrr.comCopyright Business Wire 2008
