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NEW YORK, Dec 16, 2004 (BUSINESS WIRE) -- Lerach Coughlin Stoia Geller Rudman & Robbins LLP ("Lerach Coughlin") (http://www.lerachlaw.com/cases/osipharmaceuticals/) today announced that a class action has been commenced in the United States District Court for the Eastern District of New York on behalf of purchasers of OSI Pharmaceuticals, Inc. ("OSI Pharmaceuticals") (NASDAQ:OSIP) common stock during the period between April 26, 2004 and November 18, 2004 (the "Class Period"), including those who acquired the shares pursuant and/or traceable to the Company's November 10, 2004 follow-on public offering (the "Offering").
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NEW YORK, NY, Dec. 16, 2004 (MARKET WIRE via COMTEX) -- Schoengold Sporn Laitman & Lometti, P.C. filed a class action lawsuit against OSI Pharmaceuticals, Inc. ("OSIP" or the "Company") (NASDAQ: OSIP) and certain key officers and directors in the United States District Court for the Eastern District of New York on behalf of all purchasers of OSIP securities during the period between October 26, 2004 and November 22, 2004 (the "Class Period"). If you purchased OSIP securities during the Class Period and would like to join the action pursuing securities claims against the Company and its officer and director defendants, you may do so by visiting Schoengold Sporn Laitman and Lometti's website at www.spornlaw.com or contacting Schoengold Sporn Laitman & Lometti, toll free at (866) 348-7700 or via e-mail at [e-mail]. However, please note that the deadline to seek lead plaintiff status in this case expires February 14, 2005.

The Complaint alleges that defendants OSIP, Colin Goodard, Robert I. Ingram, Gabriel Leung, Nicole Onetto, Robert L. Van Nostrand, John P. White and certain members of the Company's Board of Director violated Section 11, 12(a)(2) and 15 of the Securities Act of 1933 having caused, allowed or permitted false and materially misleading registration statement and prospectus dated November 10, 2004 to be issued, whereby $445,000,000 of OSIP's stock was sold to the investing public at artificially inflated prices. In addition, defendants 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 about the Company's new anti-cancer drug Tarecva, which failed to disclose and /or misrepresented the following adverse facts, among others, that the defendants knew, at least as early as October 26, 2004 that: (1) the Food and Drug Administration ("FDA") would require that OSIP disclose in it labeling for Tarceva that no survival benefit was observed in the epidermal growth factor receptor ("EGFR")-negative subgroup; and (2) OSIP did not have sufficient data to claim that Tarceva provided a survivability benefit for EGFR-negative patients. As a result of the foregoing, the defendants' positive statements only served to artificially inflate the Company's stock price.

On November 19, 2004, a Piper Jaffray analyst report commented on the FDA's approval of Tarceva and a "surprise" in the labeling of Tarceva. The "surprise" in labeling shows that contrary to the Company's prior representation to the investing public, there is currently no scientifically significant data for OSIP's statement that Tarceva provided a survivability benefit for EGFR-negative patients. The revelation in this analyst report caused OSIP's stock price to drop from $64.25 per share on November 18, 2004 to $58.16 per share on November 19, 2004, on volume of 18,496,800 -- over ten times the previous day's volume. The Company's common stock price continued to drop following the publication of the Piper Jaffray analyst report to $54.22 per share on Monday, November 22, 2004.
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Dec 17, 2004 (M2 PRESSWIRE via COMTEX) -- City of Industry, CA - Biotechnology industry news provided by Financial News USA (OTC: FNWU). Schoengold Sporn Laitman & Lometti, P.C. filed a class action lawsuit against OSI Pharmaceuticals, Inc. (NASDAQ: OSIP) and certain key officers and directors in the United States District Court for the Eastern District of New York on behalf of all purchasers of OSIP securities during the period between October 26, 2004 and November 22, 2004. Icoria, Inc. (NASDAQ: ICOR), a biotech company using systems biology to discover new biomarkers to enhance drug and agrichemical discovery and development, announce that its application to transfer the listing of its common stock from the Nasdaq National Market to the Nasdaq SmallCap Market has been approved by the Staff of the Nasdaq Stock Market.